Miami developer lands $27.15M loan to build West Palm Beach apartments

AHS Development Group broke ground for a 240-unit rental complex called Village at Mangonia Lake with financing from Bank of America

Mar.March 17, 2018 12:50 PM

Rendering of Village at Mangonia Lake

Miami-based AHS Development Group started building an apartment complex in West Palm Beach after landing a $27.1 million construction loan.

AHS broke ground for a 240-unit apartment complex called Village at Mangonia Lake with construction financing from Bank of America.

The Miami-based developer paid $4.5 million in March 2017 for the 7.56-acre development site at 2101 North Australian Avenue, just west of downtown West Palm Beach along Mangonia Lake.

According to its website, AHS expects to complete construction of Village at Mangonia Lake by late 2018.

Carlos E. Gonzalez, chief financial officer of AHS, told the South Florida Business Journal that monthly rents would range upward from $1,300 for a one-bedroom apartment and from $1,600 for a two-bedroom apartment.

Village at Mangonia Lake is designed as a 227,651-square-foot residential cluster of three buildings that will be six stories tall and two buildings that will be three stories tall.

Southeast Architects Services also designed the apartment complex with clubhouse spanning 3,785 square feet with a swimming pool facing Lake Mangonia.

Other common-area amenities will include a walking trail with fitness equipment, barbecue stations and a volleyball court. [South Florida Business Journal] – Mike Seemuth

Related Article


The trade war could hurt the industrial real estate boom, Hurricane Dorian’s impact on Florida’s hotels: Daily digest

James Harpel and The Bristol in West Palm Beach

South Florida developer pays $8M for condo at the Bristol

A rendering of The Bristol

NJ car dealer buys Bristol unit for $11M

The Bristol

Channel Islands businessman buys unit at The Bristol in West Palm

HGreg Auto and the former Toyota dealership (Credit: HGreg, Google Maps)

HGreg finds a spot in West Palm Beach at former Toyota dealership

Former textile magnate buys unit at the Bristol

$634M public-private partnership proposed in Dania Beach, buyer at luxury condo project in Pompano Beach sues developer: Daily digest

Rendering of the Brickell hotel development, Tony Cho and Robert Finvarb

Finvarb and Cho land construction loan for mixed-use hotel near Brickell City Centre