JDL, Wanxiang score $160M construction loan for Juno Beach condo project

Argo RE, Bsafal, and Taconic Capital provided financing for Caretta, a 95-unit development

JDL, Wanxiang Score $160M Loan for Juno Beach Condo Project
JDL CEO Jim Letchinger, Wanxiang America managing partner Larry Krueger, and a rendering of the Caretta project (JDL Development, Wanxiang America Real Estate)

JDL Development and Wanxiang America Real Estate Group landed a $160 million construction loan for a planned condo project in Juno Beach.

Argo RE, Bsafal, and Taconic Capital provided the financing for Caretta, a planned five-story building with 95 units at 1011 U.S. Highway 1, a press release states. Designed by Chicago-based Hartshorne Plunkard Architecture, the project will also include 22,000 square feet of retail, restaurant and office space. 

JDL and Wanxiang America, both based in Chicago, expect to complete Caretta in 2026, the release states. The joint venture launched sales last year and tapped Rob Thomson and Donna Lederman with Waterfront Properties to market the units, which will range from 1,820 square feet to 5,000 square feet. Nine ground-floor units will feature private pools. Prices range from $1.5 million to $8 million. 

In 2022, JDL and Wanxiang America paid $20 million for the 5.5-acre development site, records show. 

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The joint venture is the latest developer to score a major round of construction financing. In the last few months, South Florida builders scored more than $1.2 billion in loans for five planned condominium projects.

JDL is led by CEO Jim Letchinger and Wanxiang America is led by managing partner Larry Krueger. Caretta is the joint venture’s first real estate project in South Florida. 

In Chicago, JDL has developed eight mid-rise and high-rise apartment and condominium projects. The firm is currently developing North Union, a $1.3 billion planned mixed-use complex of eight multifamily and condo buildings in Chicago. Last year, JDL obtained full permits for its second North Union project, a 411-unit apartment building at 868 North Wells Street.

Wanxiang America, the investment arm of Chinese auto parts manufacturer Wanxiang Group, has invested more than $1 billion of equity into nearly 100 commercial real estate investments across the U.S., the firm’s website states. In January, Wanxiang America extended a $389 million loan secured by the Prudential Plaza office complex in Chicago. The firm is planning to invest more than $50 million to renovate Prudential Plaza.