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