Related borrows $52 million to build PB County rentals
The developer expects to finish construction of the 392-unit Town Southern project next year
A division of Miami-based Related Group obtained a $52 million loan to finance construction of its Town Southern rental apartment complex in Royal Palm Beach, scheduled for completion next year.
JP Morgan arranged the loan for construction of the garden-style, 392-unit project on behalf of Related Development LLC, the mixed-use and multifamily development division of Related.
The 29-acre development site is just south of Southern Boulevard in Royal Palm Beach, a small municipality just west of West Palm Beach
Town Southern will have one-, two- and three-bedroom apartments with attached garages. Interior features include European cabinetry, quartz granite counter tops and designer bath vanities with custom-framed mirrors.
Common-area amenities at the Related development will include a private theater, 24-hour gym, steam room, WiFi-equipped conference room, and a yoga and virtual spinning room.
Outdoor features will include a swimming pool, poolside cabanas and day beds, an outdoor billiards area, a bocce court, putting green, and volleyball and tennis court.