Stephen Ross Of Related Ross Secures $772 Million Construction Loan For Office Towers In West Palm Beach

The asset involved in the transaction is a development site located at 550 South Rosemary Avenue & 545 Hibiscus Street in West Palm Beach. The site covers a total of 980,000 square feet and is intended for construction. The deal secured a loan amounting to $772,000,000, specifically designated for construction purposes.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $772,000,000
• Address: 550 South Rosemary Avenue & 545 Hibiscus Street
• Market: West Palm Beach
• Asset Size: 980,000 SF
• Lender: Michael Arougheti - Ares Real Estate; Scott Kapnick - HPS Investment Partners; Chris Santana & Michael A. Weinstock - Monarch Alternative Capital
• Landlord: Stephen Ross - Related Ross
• Major Tenants: ServiceNow (up to 200,000 SF) and Cleveland Clinic (125,000 SF)

This transaction involved multiple key players, notably Related Ross, which is spearheading the construction of two office towers—10 CityPlace (480,000 SF) and 15 CityPlace (500,000 SF)—in Downtown West Palm Beach. The financing for this construction was brokered by Eastdil Secured as part of Ross's initiative to expand the office and mixed-use market in the region.