Developers Secure $30M Construction Loan for Boynton Beach Project
Two Chicago-based firms purchased the site for $5.3 million
By Julia Echikson August 16, 2021 6:25 pm
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Chicago-based firms Harrison Street Real Estate and CA Ventures obtained a $30 million construction loan from Live Oak Banking Company for a Boynton Beach, Fla. project, after purchasing a vacant site for $5.3 million, records show.
Located at 6495 W Boynton Beach Boulevard, the 5.3-acre parcel also sits along Jog Road and is part of a larger development called Mainstreet at Boynton. The sellers, Boca Raton-based developers PEBB Enterprises and Banyan Development, purchased 15.6 acres for $12 million in 2019 and, a year later, secured a $27 million construction loan from M&T Bank, per records.
PEBB and Banyan’s project will hold 68,000 square feet of commercial space, anchored by a 26,000-square-foot Sprouts organic supermarket, as well as a 117,000-square-foot assisting living facility, the South Florida Business Journal reported in April 2020.
It appears that CA Ventures and Harrison Street will be building the assisted living portion of the development with the Live Oak mortgage, according to property records.
Founded in 2005, real estate investment firm Harrison Street has $36 billion under management, according to the company. It specializes in “alternative real assets,” which include senior housing, student housing, healthcare delivery, life sciences, storage real estate as well as social and utility infrastructure.
CA’s portfolio also includes student housing, assisted living, and industrial, medical and life sciences properties. It spans across the U.S. as well as Russia, Poland, Colombia and Chile.
A representative for CA did not respond to a request for comment, while a Harrison Street did not respond in time to provide answers.
Julia Echikson can be reached at jechikson@commercialobserver.com.
