Delray Beach’s Atlantic Crossing snags $45M investment
The project will have 261 apartment units and 91K sf of commercial space
Edwards Companies scored a $45 million investment for its Atlantic Crossing mixed-use project in Delray Beach.
The Columbus, Ohio-based real estate firm closed on the preferred equity investment from Pearlmark Real Estate Partners. The funds will go toward building the project, which will include 261 apartment units, 91,000 square feet of office and retail space, as well as 444 parking spaces. It will also include 82 condominium units.
The 9-acre site sits on Atlantic Avenue and Federal Highway.
The preferred equity portion of the deal comes after the developer secured a $110 million construction loan from Fifth Third Bank, Huntington Bank and Santander Bank in January.
Mark Witt of Pearlmark arranged the preferred equity transaction.
The entire project is expected to be completed within five years of groundbreaking, or 2023. The luxury residential units would be completed in 2020 with the parkside residential units being delivered in 2022.
The site, which spans two city blocks, was assembled by CDS Holdings, led by Carl DeSantis. Records show Edwards paid $15.8 million for the land in 2016.
Development has ramped up in Delray Beach in recent years. A joint venture led by 13th Floor Investments, Key International and CDS International recently paid $33 million for the former Office Depot headquarters with plans to redevelop the property into one of the biggest projects in Delray Beach’s history.
Edwards Companies has built more than 30,000 market-rate apartment units in the U.S. and is an active developer in downtown Columbus, Ohio, according to its website.