Updated Sep 8, 2025
Al Adelson And Thomas Morrison Secure $62.5M Loan For Development Site In West Palm Beach
621 Clearwater Park Road
$62,500,000
Units
193
Asset Type
Development Site
Closing
Sep 8, 2025
About this deal
AI
The asset involved in this transaction is a development site located at 601-621 Clearwater Park Road in West Palm Beach. This site is planned for a 25-story condominium tower, consisting of 193 units, with prices ranging from $2 million to $10 million. Construction is scheduled to commence in June 2026, and the project is being designed by Arquitectonica.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $62,500,000
- Lender: Anthony Shaskus - JVP Management
- Landlord: Al Adelson & Thomas Morrison - Sympatico Real Estate
- Market: West Palm Beach
- Planned Units: 193
- Project Design: Arquitectonica
- Unit Prices: $2M–$10M
- Construction Start Date: June 2026
This transaction involves Al Adelson and Thomas Morrison representing Sympatico Real Estate, who secured the loan from JVP Management, led by Anthony Shaskus, for the development project known as the Berkeley.
On the Map
$62,500,000
Development Site
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Players
West Palm Beach Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93