JDL Development and Wanxiang Score $160M to Build Condos in Juno Beach
By Julia Echikson March 4, 2024 3:24 pm
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JDL Development and Wanxiang America scored a $160 million construction loan for a mixed-use project in Juno Beach, Fla.
The debt from Argo Real Estate, Bsafal and Taconic Capital Advisors will go toward building Caretta, a five-story complex with 95 condo units and 25,000 square feet of retail space.
In 2021, the Chicago-based joint venture paid $20 million for the 5-acre site at 1011 U.S. Highway 1, at the intersection of Donald Ross Road, 400 yards from the beach, according to property records.
Construction is expected to be completed in 2026, according to a press release issued by Taconic. Asking prices for Caretta’s condo units range from $1.5 million to $8 million.
Carreta appears to mark JDL Development’s first project outside of Chicago. The partner is the U.S. division of Chinese automotive parts conglomerate Wanxiang, which is also based in the Windy City.
Caretta’s financing also marks the latest big-dollar construction in South Florida, despite interest rate hikes, which have slowed the debt market.
Last May, Catalfumo landed a $340 million construction loan for a Ritz-Carlton-branded condo development in Palm Beach Gardens, three miles north. Last month, Mast Capital raised $600 million for the Cipriani-branded luxury development in Brickell — marking South Florida’s largest condo construction loan.
Toward the end of 2023, Miami developers CMC Group and Fortune International Group scored loans north of $200 million. In July, Witkoff Group and Monroe Capital secured $430 million to build the Shore Club Private Collection, a redevelopment of the Art Deco property in Miami Beach.
Representatives for JDL Development and Wanxiang America did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
