Both the number and dollar volume of $1 million-plus loans on Palm Beach County properties rose significantly in July, as pricey deals in the area continue to climb, according to a newly released report by Rabideau Law.
Sixty-one residential loans, totaling $136 million were recorded in July, compared to 60 loans totaling $103 million in June, the report shows. Another 61 loans, for a total of $312.5 million, were made on commercial properties in July, far topping the 37 commercial loans made for an aggregate of $237.5 million the previous month.
David Klein
“The number of loans on the residential and commercial sides appear to be going in an upward direction,” David Klein, an attorney at Palm Beach-based Rabideau Law told The Real Deal. “The dollar volume of loans increased more than 30 percent on both the residential and commercial sides over the past month.”
For the three months ended in July, a total of 186 residential loans totaling $433.4 million were recorded in Palm Beach County, versus $146 loans for $292.3 million the previous three months, the reports shows.
Topping the residential list in July was a $15 million loan taken out by Sean M. Healey from First Republic Bank, followed by a $10.9 million mortgage for Jeffrey C. Walker from JP Morgan Chase Bank, the data shows. The top two commercial transactions were a $51.1 million loan to an entity called 2015#1H2 Borrower by JP Morgan Chase Bank and a $25.3 million loan from BB&T to GS Colony LLC.
Overall, for the three months ended July, the top residential lender was Wells Fargo Bank, with 26 $1 million-plus loans, totaling $50.4 million. On the commercial side, the top lender for the latest three-month period was Bank of America, with 13 $1 million-plus loans, totaling $118.7 million.