fbpx

Brand Atlantic and Wheelock Street Captial Secure Construction Loan for West Palm Beach Development

Brand Atlantic Real Estate Partners and Wheelock Street Capital partnered to finalize an $87 million construction loan with Acore Capital for their development of two boutique Class-A office buildings located in the Clematis Waterfront District in West Palm Beach. Plans for 300 Banyan and 111 Olive include over 125,000 square feet of Class A office space, private outdoor terrace space and a 300-space parking garage.

The financing provides funding for the renovation of 111 Olive, which includes 27,000 square feet of office space and 11,000 square feet of retail space to be delivered by year-end. It also funds the vertical construction of 300 Banyan, a 12-story tower with 115,000 square feet of office space and 6,000 square feet of ground floor retail, to be delivered in early 2024.

“Securing this loan with a great lender in Acore Capital further supports our conviction in the West Palm office market and affirms, particularly in this challenging environment, that Banyan & Olive is a best-in-class development,” Andrew Dance says, managing partner of Brand Atlantic. 

Banyan & Olive aims to offer tenants a turnkey workplace that fosters collaboration and productivity in a variety of settings, both indoor and outdoor, with a level of luxury and convenience superior to working from home. Featured building amenities include floor-to-ceiling windows with expansive water views, 15,000 square feet of private office terraces, a golf simulator lounge and a 7th-floor amenity loggia boasting an indoor/outdoor fitness center and an open-air lounge with water views, shaded seating groups, and lush landscaping. 

“We’re proud to be taking the next steps to bring this project to the West Palm Beach community,” Hunter Jones says, Principal at Wheelock Street Capital. “This project marks the first construction of Class-A office space in the area in decades, and we are excited to be a part of it.”

Newmark’s Debt and Structured Finance team, led by Dustin Stolly and Jordan Roeschlaub, secured the loan on behalf of ownership from Acore Capital.

“West Palm Beach has become one of the strongest growth markets in the country, recently driven by financial and technology firms permanently relocating or expanding to what was historically a seasonal outpost,” Dustin Stolly says, Vice Chairman of Co-Head Capital Markets Debt and Structured Finance for Newmark. “The Sponsorship team has the perfect design to capture the live/work/play demand trends of the area and an aesthetic that will lift the neighborhood to new heights.”

 

You May Also Like

Construction Begins on Luxury Apartment Project in Royal Palm Beach

Lynd Development recently commenced building The Villas at Tuttle Royale, a 401-unit luxury apartment project in Western Palm Beach County. The real estate firm partnered with Tuttle Land Investments on the project, which required a $126 million construction loan from S3 Capital and $21 million in preferred equity from Declaration Partners. The 401-unit rental community will

Nicklaus Children’s Health System Appoints Kevin Snyder to Serve as Vice President of Marketing and Communications

Kevin Snyder has been hired as Vice President of Marketing and Communications at Nicklaus Children’s Health System (NCHS) in South Florida. NCHS is the parent organization of Nicklaus Children’s Hospital, South Florida’s only licensed specialty hospital exclusively for children. “We are delighted that Kevin will lead our marketing and communications programs,” Jennifer McCafferty-Fernandez says, Ph.D.,

Vinya Wine to Celebrate National No Phone Day With Miami’s Top Restaurants

Wanting restaurant guests to enjoy their meal and camaraderie with friends and family, Vinya Wine is spearheading an initiative to encourage patrons to enjoy a sip of wine with friends or family on National Phone Day. Organized by Allegra Angelo, Vinya Wine partner and sommelier, Tuesday, April 18 has been declared No Phone Day, with

Sales Launch at New Broward Community

Pulte Homes, one of the nation’s largest homebuilders, recently commenced sales at Cassia Commons, a new townhome community in Lauderdale Lakes. The 44-home gated development is located between the Florida Turnpike and I-95, bordered by NW 30th Street to the north, NW 33rd Ave to the west, and Somerset Drive to the east. It is

Other Posts

NSU Broward Center of Innovation Hires Catarina Suplicy as New Director of Community Engagement

The Alan B. Levan | NSU Broward Center of Innovation in Fort Lauderdale hired Catarina Suplicy as the new Director of Community Engagement. Suplicy’s diverse background includes experience in operations, events, sales, catering, and conferences. Suplicy brings excellent organizational and leadership skills, an entrepreneurial mindset, and fluency in three languages to the Levan Center of

Major League Baseball Star Max Scherzer Purchases Luxury Jupiter Estate

Lori Schacter of Illustrated Properties closed the nearly $18 million sale of a waterfront estate in Jupiter’s exclusive Admirals Cove community purchased by Major League Baseball player Max Scherzer. Schacter successfully listed the corner lot at 217 Commodore Drive and secured a sale close to the property’s asking price.  Scherzer, a three-time Cy Young Award

Waterfront Mansion in Boca Raton Lists for Over $22 Million

La Casa Delle Palme, a gated estate offering 150 feet of waterfront property in Boca Raton overlooking the Royal Palm Waterway and Capone Island, was recently listed for $23 million. The Listing Agent is Matthew Quattrociocchi of CENTURY 21 Tenace Realty. The home has seven bedrooms, nine full baths, and two and a half baths

Innovative Mental Health Brand Opens in Coral Gables 

Ellie Mental Health, a franchise focused on making quality mental health services more accessible, continued its national expansion by opening its first location in Coral Gables to provide innovative mental health care services for all ages. The Coral Gables clinic is located at 1533 Sunset Dr, Suite 225. Local owner Nicholas Machado developed a passion