PALM BEACH GARDENS, FL—Clarion Partners has secured $11 million in financing for its unsold single-family home lots and club memberships at Old Palm Golf Club. The golf club is located in Palm Beach Gardens, FL.
Working on behalf of Clarion, HFF placed the short-term, fixed-rate financing with American Real Estate Capital. HFF managing director Jim Dockerty and senior real estate analyst Scott Wadler led the team on the financial transaction.
The Old Palm Golf Club is a 651-acre private golf club community with about 300 single-family home lots. Since 2004, 190 homes have been developed there. In 2013, lot sales in the community have been strong, with more than 30 lots sold year-to-date.
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