Centaur scores $170M financing package for residential golf community at Avenir

Monroe Capital is the lender for the mixed-use, single-family home community

Miami /
May.May 06, 2022 12:30 PM
From left: Kyle Asher, managing director, Monroe Capital and Lotus Capital managing partner Faisal Ashraf along with a rendering of Panther National in Palm Beach County (Panther National, LinkedIn/Kyle Asher, LinkedIn/Faisal Ashraf, iStock)

From left: Kyle Asher, managing director, Monroe Capital and Lotus Capital managing partner Faisal Ashraf along with a rendering of Panther National in Palm Beach County (Panther National, LinkedIn/Kyle Asher, LinkedIn/Faisal Ashraf, iStock)

The developer of Panther National, a planned single-family home community with a Jack Nicklaus-designed golf course in the Avenir development in Palm Beach County, secured a $170 million financing package.

Centaur Holdings, a Switzerland and Bermuda-based investment holding company, is developing Panther National, near Palm Beach Gardens. The project calls for 218 single-family homes, an 18-hole course designed by Nicklaus, a golf training center, 40,000-square-foot clubhouse, and a health and lifestyle club.

Chicago-based Monroe Capital is providing the financing, which includes two term loans, a revolver and a construction loan, according to Lotus Capital Partners, which arranged the debt. The developer can borrow up to more than $250 million, according to a press release.

An affiliate of Centaur Holdings paid $60 million for 392 acres at Avenir in November, property records show. Avenir Holdings, led by David Serviansky, sold the land.

Faisal Ashraf, managing partner of Lotus Capital, said the four loan tranches will work together and that the complex structure of the debt is “more optimally designed for the ongoing development of a for-sale residential” project.

“It lowers the cost of financing for them, and allows them to use different things as needed,” he said.

The first portion of the debt includes the two term loans and revolver — which is similar to a line of credit — totaling $80 million. The developer will use the financing to fund infrastructure and predevelopment costs for the single-family homes. Centaur is also expected to use a portion of those funds for the signature golf course and clubhouse, Ashraf said.

The second tranche is a $90 million construction loan with a revolver component, meaning the developer can draw that debt up and down as homes are completed individually.

Contemporary architect Max Strang of Miami-based Strang Design is designing the single-family homes. The homes range from the mid-$3 millions to more than $10 million, according to the Palm Beach Post. Sales are underway.

Avenir is one of the largest master-planned communities in South Florida, if not the largest. The nearly 4,800-acre area is approved for about 3,900 residential units, most of which are single-family homes; roughly 1.8 million square feet of offices; 200,000 square feet of medical offices; a 300-key hotel; and 400,000 square feet of retail. Builders who have purchased land include Pulte, Toll Brothers, commercial developer Konover Stern, K. Hovnanian Homes and DiVosta.

The project also includes a 2,400-acre nature preserve called Avenir Conservation Area.





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