Updated May 12, 2025
Woodfield Development, Flagler Realty & Development, And Park Property Capital Secure $80.56 Million Loan For Development Site In West Palm Beach
8111 Dixie Highway
$80,564,990
$284/SF
Building Size
283,140 SF
Asset Type
Development Site
Closing
May 7, 2025
About this deal
AI
The asset involved in this transaction is a development site located at 8111 Dixie Highway in West Palm Beach, spanning 283,140 square feet. The total loan amount secured for this project is $80,564,990, classified as a construction loan.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $80,564,990
- Lender: PNC Bank, N.A.
- Completion Date: Q4 2026
- Retail Space: 19,000 square feet
The parties involved include a joint venture among Ross Abramson and TJ Scott from Woodfield Development, Patrick Koenig and Brad Koenig from Flagler Realty & Development, and Morgan McClung and Brendan Whalen from Park Property Capital. Verdex Construction is slated to undertake the project, which will feature 358 market-rate and workforce housing apartments along with luxury amenities.
Players
West Palm Beach Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.20%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93