Farrell Companies Advances 27-Home Development at Farrell Estates Wellington With $49M Construction Loan

• Farrell Companies is developing 27 single-family homes on a 23-acre site within Palm Beach Polo and Country Club in Wellington, Florida.
• Maxim Capital Group provided $49 million in construction financing, arranged by JLL Capital Markets.
• The project converts formerly vacant land that was once part of a golf course into a residential subdivision, with final buildout targeted for September 2029.

What Farrell Companies Is Building at Farrell Estates

Construction is underway at Farrell Estates Wellington, a 27-lot residential development at 11368 Polo Park Trail in Wellington, Palm Beach County. The project is being developed by Farrell Florida Wellington Owner LLC, part of Farrell Companies, and will introduce a new cluster of single-family homes within the existing Palm Beach Polo and Country Club community.

The approximately 23-acre site was previously part of a golf course and had remained vacant for more than two decades. The development repurposes the land for residential use, adding new housing lots to an established planned community.

What the Development Plan Includes

Farrell Estates is planned with 27 two-story homes ranging from approximately 5,300 to 8,900 square feet. The residences will include large garages, private golf cart bays and outdoor living areas.

The development required land-use changes and subdivision approvals. Wellington’s Village Council approved a future land-use map amendment and master plan amendment in July 2023, followed by final site plan approval in January 2024. The subdivision plat established 27 single-family lots and associated access, drainage and utility easements.

What the $49M Construction Loan Supports

Maxim Capital Group provided $49 million in construction financing to Farrell Companies, with JLL Capital Markets representing the borrower. The financing supports construction of the residential project as the developer moves through its buildout.

The site was acquired in 2023 for $12.6 million. Construction has commenced, and the current target for final buildout is September 2029. The timeline leaves several years for the remaining homes to be completed and delivered.

What the Project Means for Wellington Development

Farrell Estates demonstrates how previously underused land inside an established private community can be repositioned through land-use approvals and residential subdivision planning. Rather than creating a new large-scale master-planned community, the project adds 27 homes to an existing development framework with established roads and shared amenities.

For developers and investors, the key considerations are execution, construction costs and the pace of home sales as new inventory is delivered. The project’s multiyear schedule also makes construction management and financing important factors in achieving the planned buildout.