Boynton Beach Retail Center Secures Construction Finance

BOYNTON, BEACH, FL—PEBB Enterprises and joint venture partner Banyan Development recently secured a $26.95 million construction loan for the Mainstreet at Boynton project here. Buffalo, N.Y.-based M&T Bank is the lender. The transaction closed on April 22.

Site work is underway at the mixed-use development, which is located at 6405 W. Boynton Beach Blvd. The project is expected to be a major catalyst for the West Boynton area. Popular organic grocer Sprouts is leasing 26,000 square feet to anchor the primary retail component of Mainstreet at Boynton, with Wawa signed on to occupy an outparcel.

PEBB Enterprises President and CEO Ian Weiner tells GlobeSt.com that there continues to be a strong appetite from lenders for the right commercial real estate assets and new development in select South Florida markets.

“Strong lender/borrower relationships, and the track record of the borrower, are as critical as ever these days,” he says

The venture recently finalized a lease for a retail tenant to occupy 4,000 square feet within the grocery building anchored by Sprouts. It is also negotiating letters of intent (LOI) with several retail and restaurant tenants. Including the signed LOIs, the project is 85% pre-leased.

Mainstreet at Boynton’s plans also include a 158-bed, 117,000-square-foot Congregate Living Facility.

Mason Construction of Jupiter is the project’s general contractor. The site is fully cleared and pad and utility work for each building is in progress. Shell construction is scheduled to be completed during the second quarter of 2021, with delivery to tenants expected around that time or shortly after.

“We appreciate that Palm Beach County has remained open and is facilitating the continued processing of site work inspections and building permits for our planned improvements,” PEBB Chief Development Officer Eric Hochman said.