Edwards Companies Lands $119M to Complete Mixed-Use Dev in Downtown Delray Beach
By Julia Echikson September 11, 2024 12:20 pm
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Edwards Companies scored a $119 million construction loan from Bank of America (BAC) for the second phase of the Atlantic Crossing mixed-use development in Downtown Delray Beach, Fla., property records show.
The financing will go toward constructing two mid-rise buildings — one for condos, housing 82 units, the other for offices and retail — as well as two parking garages at 777 East Atlantic Avenue, a block west from the Intracoastal Waterway.
The debt will not exceed $238 million at any time in the next 20 years, according to mortgage documents.
Two years ago, the Columbus, Ohio-based developer completed Atlantic Crossing’s first phase, next door. It’s home to a 261-unit apartment building as well as an office and retail building.
In all, the development will house 83,000 square feet of office space and 76,000 square feet of retail space, according to the Delray Beach Downtown Development Authority.
Edwards Companies, led by Jeffrey Edwards, assembled the contiguous parcels, which total 8 acres, for $38.5 million in 2016, per records. A representative for the developer did not immediately respond to a request for comment.
Atlantic Crossing isn’t the only major development coming to Downtown Delray Beach. In December, Pebb Capital raised $173 million to build Sundy Village, another mixed-use project less than a mile west of Atlantic Crossing.
Julia Echikson can be reached at jechikson@commercialobserver.com.
