The asset involved in this transaction is a development site located at 2501 Spruce Avenue in West Palm Beach, covering an area of 1.5 acres. The recent transaction has secured a loan amount of $50,000,000 to begin construction on an apartment building named The Spruce, which will comprise 270 units within an eight-story structure. The development is scheduled for completion by 2026 and has received $7.6 million in city incentives, with a commitment to reserve 117 units for workforce housing.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $50,000,000
• Address: 2501 Spruce Avenue
• Market: West Palm Beach
• Acres: 1.5
• Lender: Bank of Montreal (BOM)
• Landlord: Nick Rojo & Jeff Burns - Affiliated Development; Grace Development

The deal involves key participants including Bank of Montreal as the lender, while Nick Rojo and Jeff Burns represent Affiliated Development and Grace Development as the landlords. This development initiative highlights a commitment to enhancing housing options within the West Palm Beach area.