Developers Obtained $30 Million Construction Loan for Boynton Beach Project
Chicago-based firms Harrison Street Real Estate and CA Ventures obtained a $30 million construction loan from Live Oak Banking Company for a Boynton Beach, Florida project, after purchasing a vacant site for $5.3 million.
Located at 6495 W Boynton Beach Boulevard, the 5.3-acre parcel also sits along Jog Road and is part of a larger development called Mainstreet at Boynton. The sellers, Boca Raton-based developers PEBB Enterprises and Banyan Development, purchased 15.6 acres for $12 million in 2019 and, a year later, secured a $27 million construction loan from M&T Bank.
PEBB and Banyan’s project will hold 68,000 square feet of commercial space, anchored by a 26,000 Sq Ft. Sprouts organic supermarket, as well as a 117,000 Sq Ft. assisting living facility.
It appears that CA Ventures and Harrison Street will be building the assisted living portion of the development with the Live Oak mortgage, according to property records.
Established in 2005, real estate investment firm Harrison Street has $36 billion under management, according to the company. It specializes in “alternative real assets,” which include senior housing, student housing, healthcare delivery, life sciences, storage real estate as well as social and utility infrastructure.