The Real Deal Miami

Billionaire Greene gets large loan, adds property

Developer pays $15M for downtown West Palm Beach site
Jeff Greene

Jeff Greene

Billionaire developer Jeff Greene has had a busy week obtaining a large construction loan and picking up another potential development site in West Palm Beach, The Real Deal has learned.

A company tied to Greene called Aaron Drive Holdings received a $60 million mortgage from Bank of America last Friday, according to Palm Beach County records. The loan is for a large mixed-use project Greene is developing on Palm Beach Lakes Boulevard. He has City of West Palm Beach approval to build as many as 600 residential units on the 21.5-acre site.

Yesterday, three companies tied to Greene completed the $15 million purchase of 3.3 acres at 550 North Quadrille Boulevard. The companies acquired the land from Paramus, N.J.-based WREC Quadrille, a partnership that includes Vornado Realty Trust. WREC paid $3.2 million for the downtown property in 2005 and at one time had approvals to build a 323-unit condo project.

Bank of America also provided Greene’s companies with a $7.5 million loan for the 550 North Quadrille purchase.

A former U.S. Senate candidate, Greene has focused in recent years on assembling a large portfolio in Palm Beach County. Many of Greeneā€™s purchases have involved distressed properties or sites that were abandoned after the real estate market collapsed. His acquisition spree started in 2011, when a Greene company paid $3.7 million for the historic Palm Beach Post Office building.