Webster Bank Provides $40M Construction Loan on South Florida Apartments Build
Long Island-based developer Farrell Companies has sealed $40 million of construction financing to build a multifamily development in South Florida, Commercial Observer has learned.
Webster Bank supplied the loan for Farrell’s Central Parkway Lofts project in Stuart, Fla. just north of Palm Beach County.
Located on Southeast Central Parkway in Martin County about 15 miles southeast of Port St. Lucie, Central Parkway Lofts will comprise 172 units with 10 percent of them dedicated as workforce housing for residents making no more than 80 percent of Martin County’s area median income. Amenities in the four-building complex will include a clubhouse, fitness center, pool, jacuzzi and a dog washing room.
Joseph Farrell, CEO of Farrell Companies, said there is strong demand for multifamily housing in the Stuart area because of rising apartment rents in nearby Palm Beach County, Fort Lauderdale and Miami.
“The rent hikes are so high that they’re moving out and moving north up to Stuart,” Farrell said. “I’m getting migration from South Florida and from the northeast of the country.”
The Central Parkway Lofts project is slated for completion in June.
Officials at Webster Bank did not immediately return a request for comment.
Andrew Coen can be reached at email@example.com.