Abacus Capital Secures $78M for West Palm Beach Development

Arbor House, a 302-unit upscale project in Palm Beach Gardens, Fla., became the subject of a $77.5 million construction loan. Developer Abacus Capital Group secured the note for the multifamily development, according to The South Florida Business Journal. JLL Capital Markets arranged the four-year, floating-rate loan on behalf of the borrower, through a publicly traded real estate investment company.

To rise 13 stories at 3701 Catalfumo Way S., Arbor House will feature units with studio, one-, two- and three-bedroom layouts averaging 956 square feet. Shared amenities will include a 7,000-square-foot deck on the eighth floor, wellness and fitness center, sauna, pool, working lounge on the ground floor and an eight-story parking garage with 480 spots.

Just off Florida State Route 811, the development is 14 miles north of downtown West Palm Beach. Other major thoroughfares in the area include Interstate 95 and Florida State Route 786. Additionally, the site is surrounded by retail options, among which Whole Foods Market, Publix Super Market and Trader Joe’s.

JLL Capital Markets Senior Managing Director Mona Carlton, Director Joshua Odessky and Analyst Michael Romero led the Debt Advisory team that arranged financing on behalf of Abacus Capital Group.

Metro Miami leads construction

West Palm Beach’s current construction pipeline comprises 174 properties prospective, planned or under construction, set to add almost 43,300 units to the area, according to Yardi Matrix. The active construction phase accounts for 4,085 units across 16 properties.

Metro Miami positioned itself at number seven nationwide among top markets with the largest new multifamily construction pipelines. As of April, the metro had 33,989 units underway, with lifestyle residences accounting for 80 percent of the total number.