Citibank is lending $11.8 million for the construction of a seven-story West Palm Beach residential building, the South Florida Business Journal reported.
The mortgage from the bank allowed Evernia Place Partners to start building 85 units at 627 Evernia Street. The John F. Weir-led developer paid a total of $1.7 million for the property over two transactions in April and May.
Kaufman Lynn Construction, based in Boca Raton, is serving as the general contractor. Citibank’s loan matures in two years, the Business Journal said.
Citibank has an office at 396 Alhambra Circle in Coral Gables. [South Florida Business Journal] —Mark Maurer