Related Lands $52M for FL Community
JP Morgan arranged the construction loan for Town Southern, located in Royal Palm Beach. The 392-unit community is scheduled for completion in 2018.
By IvyLee Rosario
Related Development received $52 million in construction financing for its Town Southern community in Royal Palm Beach, Fla. JP Morgan arranged the loan and will fund the development.
“This is a significant step forward for us. We’ve had our eye on Royal Palm Beach for some time now and having the support of a leading lender like JP Morgan further validates our confidence in this new market,” Steve Patterson, CEO of Related Development, told Multi-Housing News. “We look forward to delivering a top-tier residential community and playing a role in the Royal Palm Beach’s continued growth.”
The 392-unit community will feature one-, two- and three-bedroom floorplans. Interior features will include patios and balconies, European cabinetry, designer bath vanities, high-quality fixtures, quartz granite countertops, custom-framed mirrors and each unit will offer attached garages. Residents will have access to amenities such as:
- a private theater
- yoga and virtual spinning room
- conference room with Wi-Fi
- outdoor billiard area
- putting green
- tennis and volleyball court
- 24-hour fitness center
- steam room
- swimming pool with cabanas and day beds
- bocce court
“Royal Palm Beach hits all of the markers we look for when entering a new market. There is strong job growth, a high standard of living and numerous nearby employment centers. We are bullish on the future of Royal Palm Beach as well as Palm Beach County as a whole,” added Patterson.
The community is scheduled for completion in 2018. Next month, The Related Group is opening Las Olas in Fort Lauderdale, its newest luxury project.
Image courtesy of Related Development