FL Townhome Development Lands $7M Loan
RARE CRE secured financing for the construction of The Preserve at Hypoluxo, a 44-unit upscale community in Lantana, that includes a retail component.
RARE CRE has secured a $6.5 million construction loan for The Preserve at Hypoluxo in the town of Hypoluxo, within Lantana, Fla. The mixed-use project calls for 44 upscale townhomes and a 17,000-square-foot, two-story residential and retail building. The boutique commercial real estate company worked on behalf of the developer and general contractor of the project—Capo 7—a JFB Construction and Development Inc. entity. Upon completion in the winter of 2018, an affiliate of JFB will manage The Preserve at Hypoluxo.
Located at the intersection between Hypoluxo and Overlook roads in Palm Beach County, the 80,000-square-foot project will be situated within minutes of the Atlantic Ocean. The Hypoluxo Scrub Natural Area, a 97-acre area of protected nature preserve, will border the community. The Preserve at Hypoluxo is slated to feature three-bedroom townhomes, with attached garages, a swimming pool and barbecue areas.
“Securing construction financing is relatively challenging in the current market. We assisted the developer from the onset of the development, in strategically positioning the project for financing, highlighting its merits, structuring an optimal capital stack and aggressively negotiating term sheets from a very early stage,” said RARE CRE Managing Partner Nelson Garcia, in a prepared statement.
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