The Real Deal Miami

Palm Beach Gardens development gets $48M construction loan

Synovus Bank was the lender

December 12, 2014 03:57PM

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Construction

Synovus Bank doled out a $48M construction loan.

A Tampa-based developer has secured a $47.6 million construction loan to start building 341 townhomes and apartments in Palm Beach Gardens.

Synovus Bank loaned the money to South Gardens, which bought the 31.2-acre site at 12300 Central Boulevard for $16 million in January, according to a published report.

South Gardens is managed by Charles B. Funk in Tampa and includes Boston-based CrossHarbor Capital Partners as a member, the South Florida Business Journal reported.

The development has already been approved for an additional 215,000 square feet of offices, health clubs, restaurants, medical buildings, a bank and a drugstore, according to the report. [South Florida Business Journal] — William J. Gorta

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