Developers close $50M construction loan for apartments at former West Palm city hall

Company tied to PGIM and Woodfield took out the financing

Apr.April 04, 2018 02:30 PM

Renderings of the apartment building at 200 Second Street in West Palm Beach

A company tied to PGIM Real Estate and Woodfield Investment Partners just closed on a $50.4 million construction loan for a portion of the mixed-use project planned for West Palm Beach’s former city hall.

Fifth Third Bank is the lender for West Palm FCH Apartments LLC, controlled by PGIM and Woodfield, according to property records.

The city of West Palm Beach sold the 3.5-acre property at 200 Second Street to Navarro Lowrey Inc. for $11.5 million. Navarro Lowrey is planning a 435,000-square-foot, $145 million development with a 210-room Marriott Autograph Collection hotel, 251 luxury apartments, a restaurant, more than 20,000 square feet of retail space and a nearly 500-space parking garage, according to the developer’s website.

Navarro Lowrey closed on the site last week, roughly two years after the city first solicited buyers for the property. The city’s community redevelopment agency paid to demolish the former city hall building last year, and the project is expected to be completed by next year, according to Navarro Lowrey’s website.

The financing from Fifth Third Bank is for the luxury apartments and retail space, according to mortgage documents. Stiles Corp. is the general contractor.

In December, a partnership between Stiles and PGIM secured $100 million in financing to develop Residences of Las Olas, an apartment tower planned for downtown Fort Lauderdale.

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