LOS ANGELES – November 8, 2021 – Berkadia today announced the financing secured for the development of Palm Beach Riverstone, a midrise multifamily property in West Palm Beach, Florida. Senior Director George Spadier of Berkadia Los Angeles secured the $72 million in construction financing for the property through a correspondent life company. The deal closed on October 21.
The 11-year deal was highly tailored to meet the clients’ investment goals associated with this Opportunity Zone development.
“We were able to attain maximum leverage while hedging rate risk and allowing for significant upsizing of the loan post-stabilization,” said Spadier. “We are thrilled to have worked on this exciting project in one of the fastest growing markets in the country. It was a pleasure to work alongside such a great client, as well as our trusted correspondent lender, on this complex execution.”
Located at 2350 45th St., Palm Beach Riverstone will feature 374 units with granite and quartz countertops, stainless steel appliances, in-unit washers and dryers, floor-to-ceiling windows, smart device controls and a private patio or balcony. Community amenities include a six-story 365-space parking garage, a club house, a business center, a resort style pool, a spa and hot tub, cabanas, multiple fire pits, a fitness center, a spin and yoga room, a teen gaming room, a club game room, Zoom rooms, an event and catering kitchen, multiple picnic areas with grilling stations, big screen televisions throughout common and lounge areas, a tot lot play area, a pet play area, a pet spa, a coffee bar and cybercafé, a bistro bar and lounge, package and service lockers, an electric vehicle charging station, bike storage, co-working rooms, a lighted jogging and walking path, a 36,000 square foot courtyard and an eighth floor sky lounge with an expansive outdoor deck and views. Residents will be afforded convenient access to Interstate 95, Palm Beach International Airport and Palm Beach Shores.