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1717 North Flagler Drive

Updated Mar 4, 2026

Jorge Pérez's Related Group And BH Group Secure $200 Million Construction Loan For Condo Tower In West Palm Beach
FINANCEDDevelopment Site

Jorge Pérez's Related Group And BH Group Secure $200 Million Construction Loan For Condo Tower In West Palm Beach

1717 North Flagler Drive

$200,000,000

Units

138

Asset Type

Development Site

Closing

Mar 3, 2026

About this deal

AI

The asset involved in this transaction is a development site located at 1717 North Flagler Drive in West Palm Beach. This site encompasses 2 acres and is designated for a 27-story, 138-unit Ritz-Carlton-branded condo tower. Construction has commenced, with over 70% of the units already presold. The luxury project was designed by Arquitectonica and features interiors by Rockwell Group, targeting completion in 2028 as part of the post-pandemic condo development surge in the area.

Summary of transaction details:

This transaction involved a joint venture spearheaded by Jorge Pérez’s Related Group and BH Group, which successfully secured a $200 million construction loan for the project. The development is part of a broader initiative to enhance the post-pandemic real estate market in West Palm Beach, reflecting strategic planning and investment in luxury residential options.

On the Map

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$200,000,000

Development Site

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Players

Josh Zegen

Madison Realty Capital

Lender

$7.4B

vol

55 deals

Lender
Jorge Pérez

Jorge Pérez

Related Group

Landlord

$2.3B

vol

33 deals

Landlord
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West Palm Beach Development Site Market Snapshot

Boundary boundary · Development Site · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.08%

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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