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:

• Property Type: Development Site
• Transaction Amount: $200,000,000
• Location: 1717 North Flagler Drive, West Palm Beach
• Loan Type: Construction
• Lender: Josh Zegen - Madison Realty Capital
• Landlord: Jorge Pérez, Nick Pérez & Jon Paul Pérez - Related Group; Isaac Toledano & Liat Toledano - BH Group

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.