Palm Beach’s $1M-plus mortgages jump in July

Miami /
Aug.August 13, 2015 06:00 PM

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.

“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.

 

Related Articles

arrow_forward_ios
G6 Hospitality CEO Rob Palleschi and the Motel 6 at 825 East Dania Beach Boulevard (LinkedIn, Google Maps)
Blackstone sells five South Florida budget hotels for $61M
Blackstone sells five South Florida budget hotels for $61M
From left: BlackRock's Larry Fink and Related Companies' Stephen Ross in front of 360 South Rosemary Avenue in West Palm Beach (Getty Images, LoopNet)
BlackRock lands in West Palm Beach
BlackRock lands in West Palm Beach
Tricera Capita's Ben Mandell with rendering of The Press project (Tricera Capital)
Lease roundup: Tricera scores tenants in West Palm, Boca
Lease roundup: Tricera scores tenants in West Palm, Boca
Mayo Shattuck (top) and Brentwood Associates' Roger Goddu (Capital One Investor Relations, Brentwood Associates, Redfin)
Retired Chicago utility honcho sells renovated Bear’s Club mansion in Jupiter for $15M
Retired Chicago utility honcho sells renovated Bear’s Club mansion in Jupiter for $15M
A photo illustration of Megacenter Palmetto at 8600 Northwest South River Drive in Medley (top left), 401 North Military Trail in West Palm Beach (top right), and Pelican Bays office/warehouse complex at 4990 Southwest 52nd Street in Davie (bottom) (Getty Images, LoopNet, Extra Space Storage)
Industrial rents keep climbing, as vacancies drop in South Florida
Industrial rents keep climbing, as vacancies drop in South Florida
Jennifer Hyland, John Hackett and Pamela Liebman with the new office at 2000 PGA Boulevard in Palm Beach (Corcoran, Getty)
Corcoran opens Palm Beach Gardens office
Corcoran opens Palm Beach Gardens office
Brand Atlantic Real Estate Partners managing partners Andrew Dance and Adam Demark, and renderings of the two buildings at 300 Banyan Boulevard and 111 Olive Avenue (Brand Atlantic Real Estate, Getty)
JV scores $87M construction loan for West Palm Beach office projects
JV scores $87M construction loan for West Palm Beach office projects
Gatsby FL president Babak Ebrahimzadeh and a rendering of 11200 RCA Center Drive in Palm Beach Gardens (LinkedIn/Babak Ebrahimzadeh, Gatsby FL, Getty Images)
Gatsby picks up Palm Beach Gardens mixed-use dev site for $17.5M
Gatsby picks up Palm Beach Gardens mixed-use dev site for $17.5M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...