Monroe Capital, JPMorgan Lend $173M for Mixed-Use Delray Beach Project
By Julia Echikson December 26, 2023 12:37 pm
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Pebb Capital scored a $173 million construction loan from Monroe Capital and JPMorgan Chase (JPM) to complete a mixed-use development along Delray Beach’s Atlantic Avenue.
Called Sundy Village, the project will feature 28,000 square feet of retail and 180,000 square feet of office. Six homes, listed in the National Register of Historic Places, will be preserved.
The development is nearly fully leased with 141,400 square feet already spoken for, according to a representative for Pebb. These deals include a 38,474-square-foot office lease for Vertical Bridge, a communications infrastructure company, as well as retail agreements with Barcelona Wine Bar and a concept by celebrity chef Michael Schulson.
The Boca Raton-based developer broke ground in February, and the development, which is expected to cost $240 million in total, is scheduled to be completed this summer. Pebb had purchased the 1-acre site at 22 West Atlantic Avenue for $40 million in 2019, according to the South Florida Business Journal.
The mortgage, which Ackman-Ziff brokered, is the latest big-ticket construction loan in South Florida to close just before the end of the year. Last week, Fortune International Group and Oak Capital secured $259 million from Bank OZK for their Ritz-Carlton-branded condo development in Pompano Beach.
Julia Echikson can be reached at jechikson@commercialobserver.com.
