A joint venture between Pebb Enterprises and Banyan Development scored a $27 million construction loan for a planned grocery-anchored Boynton Beach mixed-use project.
The joint venture secured the loan from Buffalo, N.Y.-based M&T Bank to build its Mainstreet at Boynton project at 6405 West Boynton Beach Boulevard, according to a press release. The project will be anchored by the organic grocer Sprouts, which is leasing 26,000 square feet. The convenience store Wawa will also occupy an outparcel at the property, according to the release.
Plans for the project include a 158-bed, 117,000-square-foot adult living facility. The developers are also negotiating letters of intent with several retail and restaurant tenants, and the project is currently 85 percent pre-leased, according to the release.
The partnership bought the 16-acre property for $12 million in 2019, records show.
Jupiter-based Mason Construction is the project’s general contractor. Construction is expected to be completed during the second quarter of 2021, according to the release.
Boca Raton-based Pebb Enterprises is a private equity real estate investment company that focuses on neighborhood, regional and power shopping centers, as well as suburban office buildings. The company recently partnered with Tortoise Properties to acquire one of Jupiter’s largest office properties, the Jupiter Innovation Center, for $31.45 million.
In Florida, construction is considered an “essential business” and is still allowed to continue during the coronavirus pandemic. Yet, some lenders are holding off on making construction loans due to uncertainty on pricing and market conditions.