Edward Broderick Of Gilbane And Steve Hicks Of Provident Resources Group Secure $235.4M Loan For Development Site In West Palm Beach

The asset involved in this transaction is a development site located at 1200 South Dixie Highway in West Palm Beach, featuring a construction loan amount of $235,400,000. The site encompasses a total area of 319,000 square feet and is designated for the construction of a 25-story student housing tower with 990 beds for Palm Beach Atlantic University.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $235,400,000
• Lender: Hancock Whitney Bank
• Loan Type: Construction
• Landlord: Edward Broderick - Gilbane
• Landlord: Steve Hicks - Provident Resources Group
• Completion Date: August 2027
• Additional Financing: $226M tax-exempt mortgage and $9.4M in revenue bonds from Palm Beach County

This transaction involves Edward Broderick and Steve Hicks representing their respective companies, Gilbane and Provident Resources Group, in securing financing for the project. The development will also include a dining hall, health center, and parking garage to support the student population at the university.