West Palm Beach Office Property Secures $87.2M Construction Loan

Brand Atlantic Real Estate Partners and Wheelock Street Capital have secured an 87.2M construction loan from ACORE's Warren de Haan for their 160,000 SF office property at 300 Banyan Blvd in West Palm Beach. Newmark brokers Jordan Roeschlaub, Dustin Stolly, Nick Scribani, Danny Matz & Dan Morin arranged the loan. The property is located in the heart of West Palm Beach's central business district and is currently undergoing a major renovation. The building will feature modern amenities such as a fitness center, conference center, and rooftop terrace. The property is expected to be completed in Q4 2023. The buyer, Brand Atlantic Real Estate Partners, is a real estate investment firm that specializes in value-add opportunities in the Southeastern United States. The seller, Wheelock Street Capital, is a private equity real estate investment firm that focuses on opportunistic investments in the United States. The brokers, Newmark, is a global commercial real estate advisory firm that provides a wide range of services to clients around the world. The loan amount of 87.2M is a significant investment in the West Palm Beach office market and demonstrates the confidence that lenders have in the area’s economic growth and potential for future development. Overall, this deal is a positive sign for the West Palm Beach commercial real estate market and highlights the continued interest in the area from investors and lenders alike.