A South Carolina-based developer bought property and scored a $47 million construction loan as it starts to build a 15-story mixed-use, multifamily project in West Palm Beach.
An affiliate of Woodfield Development bought the site at 303 Banyan Boulevard for $8.9 million. Woodfield landed the loan from Northwestern Mutual Life Insurance Company, according to records.
Documents filed with the county show that KAST Construction of West Palm Beach is constructing the tower, which will include 223 apartments, 3,000 square feet of retail and 324 parking spaces.
Woodfield was founded in 2005 by Mike Underwood and Greg Bonifield.
The seller of the property is a company linked to Glenn E. Straub, real estate developer and manager Flagler Realty & Development and the law firm of Critton, Luttier & Coleman. The seller had paid $7 million for the property in 2007. It is currently home to an office building and Wells Fargo bank location.
Straub is a member of the Straub family of developers. His father was real estate mogul George Straub, who died in 2004. His uncle, Glenn Forman Straub, was charged with larceny last year in relation to an alleged fraudulent lien on an ex-girlfriend’s property.
Flagler Realty, based in West Palm Beach, was formed in 1996 by Patrick Koenig, Richard Johnson Jr. and Scott A. Johnson. Last year, Flagler Realty sold the 3,368-square-foot Chase bank branch at 3914 South Dixie Highway in West Palm Beach to JP Morgan Chase for $5.7 million.