The South Florida division of the Birmingham, AL-based lender has signed off on a $15.81 million acquisition, development and construction loan for Greystar Real Estate Partners of Charleston, SC and TMW Realty Advisors of Atlanta who are jointly developing the 3.6-acre, 42-townhome Flagler Landing community in West Palm Beach.
The bank is also providing a $9.2 million acquisition loan to Atlantic Partners II LLC of Greenwich, CT which purchased the three-building, 86,015-sf, 9.98-acre Linton Office Center complex at the southeast corner of S. Federal Highway and Linton Boulevard, Delray Beach, FL in June.
The Flagler Landing loan was priced over the London Interbank Offered Rate and involves a land acquisition loan, along with a revolving loan.
The Linton loan is also tied in to the LIBOR floating rate with options for a fixed-rate swap later on partial pieces of the loan.
Dockerty Romer & Co. of Delray Beach, which brokered both loans, didn't disclose the interest rates, amortization schedules, loan-to-value ratio or length of each loan in its prepared statement.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
