Stephen Ross Secures $157M Construction Loan From GoldenTree Asset Management For Shorecrest Development

The development site located at 1865 North Flagler Drive in West Palm Beach spans 1.5 acres. Stephen Ross's Related Ross has secured a construction loan amounting to $157,000,000 from GoldenTree Asset Management to fund the construction of Shorecrest, a luxury condominium tower comprising 28 stories with 98 residential units. Completion is anticipated in 2027, and the project will include 18,355 square feet of amenities managed by Equinox, with unit pricing starting at $3 million.

Summary of transation details:

• Property Type: Development Site
• Transaction Amount: $157,000,000
• Address: 1865 North Flagler Drive
• Market: West Palm Beach
• Lender: Steven Tananbaum - GoldenTree Asset Management
• Landlord: Stephen Ross - Related Ross
• Loan Type: Construction
• Expected Completion: 2027
• Amenities: 18,355 square feet managed by Equinox
• Sales Representative: Corcoran Sunshine Marketing Group

Key individuals in this transaction include Steven Tananbaum representing GoldenTree Asset Management and Stephen Ross serving as the landlord through Related Ross. The loan secured is part of a significant investment aimed at developing a luxury condominium project that caters to high-end buyers.