Florida Crystals scores $50M construction loan for Palm Beach Gardens rentals
Project is part of bigger development aimed at attracting biomed employers
October 25, 2016 12:45PMBy Katherine Kallergis
Rendering of Atlantico. Inset: Pepe Fanjul (Credit: Andrew H. Walker/Getty Images)
The development arm of Florida Crystals, FCI Residential, closed on a $50.47 million construction loan for Atlantico at Palm Beach Gardens, a 350-plus unit apartment complex.
PNC is the lender for the 13-acre project near Donald Ross Road. Plans filed with the city show the development will have eight four-story residential buildings with 30 to 51 units per building, and two three-story buildings with five units.
Amenities at Atlantico would include a pool complex with cabanas and a gazebo, a fitness center, clubroom, game room, business center and a park area with a dog park and children’s play area. The FCI Residential affiliate, Villas at Briger LLC, paid $13.53 million for the land in early 2014.
Florida Crystals could not immediately be reached for comment. Juan C. Porro, vice president of real estate acquisitions and development, signed the loan.
The project is part of a bigger, master-planned development with 2.5 million square feet of industrial, research, development and biomedical space; 1.2 million square feet of office space; a 300-room hotel; 450,000 square feet of retail; 800 multifamily homes; and 350 single-family homes, the Palm Beach Post reported last year.
County officials approved the development outlines, near Scripps Research Institute, in 2010 as part of a push to attract more biomed employers.
Florida Crystals, meanwhile, is building 10 rental properties in South Florida, with the expectation that FCI will spend more than $500 million by early next year on 2,800 apartments. Earlier this year, it opened Atlantico at Kendall and closed on construction financing for a Delray Beach project.
Source: The Real Deal