Ares Commercial Real Estate Provides $250 Million Loan For Mixed-Use Property In West Palm Beach
635 Hibiscus Street
$250,000,000
$822/SF
Building Size
304,000 SF
Asset Type
Mixed-use
Closing
Sep 9, 2025
About this deal
AI
The property asset involved in this transaction is a mixed-use building located at 635 Hibiscus Street in West Palm Beach. The asset spans 304,000 square feet and contains 322 units. The property has a noted market presence and includes ground-level retail with tenants such as Alo Yoga and Crate & Barrel, forming part of Ross’s CityPlace development.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $250,000,000
- Asset Address: 635 Hibiscus Street
- Market: West Palm Beach
- Square Footage: 304,000
- Units: 322
- Lender: Ares Commercial Real Estate
- Landlord: Stephen Ross - Related Ross
An affiliate of Ares Commercial Real Estate increased the existing loan for the property from $140 million to the current amount of $250 million, facilitating the backing of the recently completed luxury rental units that were finalized last year.
Players
West Palm Beach Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
Loading comparables…
Deal FAQ
Visit Stephen Ross to view all their deals.
Browse West Palm Beach mixed use loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.06%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93