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1200 South Dixie Highway

Updated Jul 2, 2025

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

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

1200 South Dixie Highway

$235,400,000

Building Size

—

Asset Type

Development Site

Closing

Jul 1, 2025

About this deal

AI

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.

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$235,400,000

Development Site

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Players

Hancock Whitney Bank
Hancock Whitney BankLender
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West Palm Beach Development Site Market Snapshot

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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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