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22 West Atlantic Avenue

Updated Sep 11, 2026

FINANCEDCommercial

Pebb Capital Secures $223 Million Refinance For Sundy Village In Delray Beach

22 West Atlantic Avenue

$223,000,000

$1,066/SF

Building Size

209,141 SF

Asset Type

Commercial

Closing

Sep 8, 2026

About this deal

AI

The property asset involved in this transaction is Sundy Village, located at 22 West Atlantic Avenue in Delray Beach. This mixed-use project encompasses 209,141 square feet of commercial space on 7 acres of land. Pebb Capital secured a refinancing deal for this asset, allowing for its continued development and enhancement.

Summary of transaction details:

  • Property Type: Commercial
  • Transaction Amount: $223,000,000
  • Lender: J.P. Morgan & Hudson Bay Capital
  • Borrower: Todd Benson & Todd Rosenberg - Pebb Capital
  • Broker: Walker & Dunlop
  • Loan Type: Refinance
  • Previous Loan Amount: $173,000,000
  • Project Status: 97% pre-leased

The individuals key to this transaction are Todd Benson and Todd Rosenberg, representing Pebb Capital as the borrowers in this refinancing deal. The financing was arranged by Walker & Dunlop, which played a crucial role in facilitating the transaction as the broker. The deal replaces a previous construction loan from 2023, enabling the project to advance into its next construction phase.

On the Map

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$223,000,000

$1,066/SF

Commercial

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Players

Todd Rosenberg

PEBB Capital

Buyer

$1B

vol

9 deals

Buyer
Hudson Bay Capital
Hudson Bay CapitalLender
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Delray Beach Commercial Market Snapshot

Boundary boundary · Commercial · Loan transactions

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Deal FAQ

About $1.1K per square foot on a published $223M for 209,141 square feet (2026).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.07%

Cash-on-Cash

-0.02%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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