Centaur Holdings Lands $160M Loan for Second Phase of South Florida Luxury Community
By Julia Echikson August 6, 2024 4:30 pm
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Swiss developer Centaur Holdings scored a $160 million financing package for the 392-acre Panther National luxury gated development in Palm Beach Gardens, Fla.
Southern Realty Trust and Sunrise Realty Trust originated the financing, which was brokered by Faisal Ashraf of Lotus Capital Partners. An $85 million, senior-term loan will refinance an existing note.
The remaining $75 million will function as a construction revolver for the second phase of the project, which is set to include 180 luxury homes and a 60,000-square-foot clubhouse.
Already, 62 houses and an 18-hole championship golf course, designed by golf stars Jack Nicklaus and Justin Thomas, have been built. Two years ago, Centaur Holdings secured a $170 million loan package for the first phase, the South Florida Business Journal reported.
So far, the project has surpassed $300 million in sales, according to the lenders.
The Panther development is part of the Avenir master development, which Landstar Development Group has spearheaded in the northwest corner of Palm Beach County along Northlake Boulevard.
In 2021, Centaur Holdings purchased the 392-acre site from Coral Gables-based Landstar for $60 million. Other builders at the Avenir development include Toll Brothers, Kenco Communities and Kolter Group.
Julia Echikson can be reached at jechikson@commercialobserver.com.
