Centennial Bank Provides $117 Million Construction Loan For Development Site In West Palm Beach

The development site located at 2484 Pinewood Avenue in West Palm Beach has secured a construction loan of $117,000,000 from Centennial Bank. This site encompasses a 382-unit mixed-use project situated in the Northwood District, which is currently 30% complete. The project includes three buildings along with 83,000 square feet dedicated to retail and grocery space. Delivery of the project is anticipated in late 2026, marking a significant development as it is the district’s first approved project since Immocorp won city rights in 2019.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $117,000,000
• Lender: Centennial Bank
• Landlord: Gilbert Benhamou - Immocorp Capital
• Landlord: Gideon Friedman - Beachwold Residential
• Expected Completion: Late 2026
• Current Project Status: 30% complete
• Retail and Grocery Space: 83,000 sq. ft.

The deal involved key stakeholders Gilbert Benhamou from Immocorp Capital and Gideon Friedman from Beachwold Residential, who are the landlords representing their respective firms in this transaction. Immocorp Ventures played a crucial role in securing the financing for this landmark project, enhancing the Northwood District’s development landscape.