John W.S. Preston Of North American Development Group Secures $120.6M Loan For Nuvo Delray Beach

The transaction involves a development site located at 9494 Ilumina Way in Delray Beach, Florida. This 33-acre property is set for a 476-unit apartment project known as Nuvo Delray Beach, which is currently under construction. The project will comprise four stories, with the first units expected to be completed by fall 2027. Additionally, 25% of the apartments will be designated as workforce housing.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $120,600,000
• Lender: Wells Fargo
• Landlord: John W.S. Preston - North American Development Group
• Loan Type: Construction

John W.S. Preston, representing North American Development Group, facilitated the securing of the $120.6 million in construction financing from Wells Fargo Bank for the Nuvo Delray Beach project, highlighting the involvement of key stakeholders in advancing this large-scale development.