Darren Smith & Timothy Henzy Secure $53.18M Loan For Roseland Gardens Senior Housing Project

The property involved in this transaction is a development site located at 3930 Lake Avenue in West Palm Beach. The site spans 11 acres and is designated for a senior housing project, specifically the 148-unit Roseland Gardens. A construction loan amounting to $53,180,000 has been secured to finance the development.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $53,180,000
• Address: 3930 Lake Avenue
• Market: West Palm Beach
• Landlord: Darren Smith & Timothy Henzy - Smith & Henzy Affordable Group
• Lender: Florida Housing Finance Corporation, West Palm Beach Housing Authority, TD Bank, Berkadia Commercial Mortgage, Palm Beach County & City of West Palm Beach

Smith & Henzy Affordable Group is spearheading the construction of the Roseland Gardens senior housing project. The financing incorporates contributions from TD Bank and other public sources, alongside a land lease valued at $3.64 million with the West Palm Beach Housing Authority, replacing an older public housing site. Additionally, there are plans for a future phase consisting of 300 additional units.