Terra JV Starts Mixed-Use Project in West Palm Beach
The developers scored nearly $300 million in construction financing.
After closing on a $285 million construction loan, a joint venture between Terra and Sympatico Real Estate have broken ground on Mr. C Hotel & Residences West Palm Beach, in West Palm Beach, Fla, a 146-unit luxury apartment community with a hospitality component. The funds were provided by TYKO Capital and represent a milestone for the residential development, which is now 70 percent sold.
Aztec Group represented the borrowers in the transaction.
Inspired by the glamor of the 1950s Italian Riviera, the homes have been designed by architecture firm Arquitectonica and the design studio Meyer Davis. In addition to the apartments, the property will also include 110 hotel suites.
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The development’s amenities include a garden-level lap pool with private cabanas, a poolside bar and lounge, fitness center with dedicated rooms for yoga, Pilates and Peloton workouts, as well as a spa with steam and sauna rooms. Additional amenities includes business lounge, library, high-speed private elevators, curated art installations in shared spaces and access to the custom Mr. C Hotel & Residences app for service requests.
Art installations
Situated at 327 Okeechobee Blvd., Mr. C Hotel & Residences will be located at the heart of West Palm Beach. It is proximate to many attractions including the Palm Beach County Convention Center, Norton Museum of Art, Raymond K. Kravis Center for the Performing Arts, South Cove Natural Area, Quadrille Linear Park, Grandview Gardens, Howard Park, Clear Lake and City of West Palm Clear Lake Trail.
Founded by Ignazio and Maggio Cipriani, Mr. C Hotel & Residences chose Beverly Hills, Calif. for its first project in 2011. Since, the brand has expanded into New York, Miami and Dubai.
Terra remains active in the region, having landed $291 million in permanent financing for Centro City, a 38-acre mixed-use property located in Miami.
Five months ago, a consortium of lenders provided $380 million to Savanna for its West Plam Beach development Olara, which will feature condominiums and rental units.
