Navarro Lowrey Secures $18.5M Construction Loan From Banesco USA For Vine On Clematis Complex

The development site located at 512 Clematis Street and 130 Quadrille Plaza in West Palm Beach has secured an $18.5 million construction loan from Banesco USA. The property spans approximately 0.4 acres and will be developed into the Vine on Clematis apartment complex, which will include 88 apartments, retail space, and parking. As part of an agreement with the city, 15% of the units will be designated for individuals earning up to 100% of the area median income.

Summary of transaction details

• Property Type: Development Site
• Loan Amount: $18,500,000
• Lender: Banesco USA
• Landlord: Navarro Lowrey, Inc. - Frank Navarro
• Address: 512 Clematis Street & 130 Quadrille Plaza, West Palm Beach
• Market: West Palm Beach
• Asset Type: Development Site
• Acreage: 0.4 acres

Navarro Lowrey, Inc. represented by Frank Navarro, will oversee the development of the Vine on Clematis apartment complex near the Brightline station in West Palm Beach. Banesco USA, the lender in this transaction, has provided the $18.5 million construction loan to support the project. This development aims to provide housing options while also incorporating retail space and parking facilities.