LV LENDING CLOSES $13 MILLION REFINANCING FOR WATERFRONT MULTIFAMILY DEVELOPMENT SITE IN WEST PALM BEACH
MIAMI (March 2023)– LV Lending, our lending affiliate focused on bridge loans for commercial and residential investment properties and developments, closes $13 million in refinancing for a 1.2-acre waterfront multifamily development site located at 4708-4714 N. Flagler Dr. in West Palm Beach, FL. BGI Companies, led by Kenneth A. Baboun, is developing the site into Alba Palm Beach, a luxury 21-story, 55-unit project featuring a limited collection of modern condominiums, townhome residences and marina. The project broke ground in October 2023 and is expected to be completed in Q4 2025. The project is currently more than 25% sold. With direct Intracoastal frontage and a private dock with boat slips reserved for residents, Alba Palm Beach, is a boat-owner’s dream residence. Located on North Flagler Drive in West Palm Beach, the new complex will house 55 residences spread across 22 floors, plus four two- and three-floor townhouses, with private elevators and vestibules further adding to the intimate and private feel of the space. In addition to the waterfront amenities, more than 25,000 square feet of Alba Palm Beach is dedicated to even more incredible features, including a sunrise pool overlooking the Intracoastal, a sunset pool for the warm afternoon sun, and dedicated grill and lounge areas. New members will also enjoy a one-year complimentary membership at the Palm Beach Yacht Club & Marina. West Palm Beach-based Spina O’Rourke + Partners have given the space a sleek and modern design, an aesthetic which carries into the interiors. Options range from 2- and 3-bedroom layouts to 4-bedroom townhomes, and all residences feature water views. Pricing starts at just under $3 million. Alba is located directly on the Intracoastal Waterway, just moments from the beaches, Worth Avenue, Atlantic Ocean and all of the highlights of West Palm Beach.
THE JAYMOR GROUP COMPLETES ASSEMBLAGE FOR 11-ACRE MASTER-PLANNED DAYTONA GATEWAY MARINA DEVELOPMENT
LV Lending Provides $13 Million in Financing MIAMI (March 2023)– LV Lending, our lending affiliate focused on bridge loans for commercial and residential investment properties and developments, closes $13.05 million in financing for the acquisition of five parcels of land totaling 6.7 acres on the north side of East International Speedway Boulevard and west of Halifax Avenue in Daytona Beach, FL. The Jaymor Group acquired the properties which represents the completion of its assemblage for 11.3-acre waterfront Daytona Gateway Marina mixed-use project at 135 E. International Speedway Blvd. The loan was facilitated by Camilo Niño, Ricardo Uribe and Alen Hernandez of LV Lending on behalf of the borrower, Monarch of Orlando Ltd, an affiliate of The Jaymor Group. In addition to the acquisition, the loan will go towards construction of Phases one and two of the project. The Canadian-based development firm is currently under construction on Phase 1 of the master-planned mixed-use Daytona Gateway Marina, featuring a state-of-the-art, full-service, 138-slip marina designed to accommodate vessels ranging from 40 to 150 feet and a dry storage for 250 boats. Other phases of the development will include a mixed-use tower with 550 Class-A apartment residences and a boutique hotel. Complementing the development will be retail and restaurant spaces, structured parking garage and a waterfront activity plaza with green space. This is the second loan LV Lending has provided for this project. In August 2021, our company provided $19 million for the refinancing of the 11.3-acre site along with pre-development costs and construction of the marina. For more information, call LV Lending at (305) 523-6576, email at [email protected] or visit www.lvlending.com.
