JLL Capital Markets arranges financing for a 302-unit development in Palm Beach Gardens
New York–based real estate investment firm Abacus Capital has secured a $77.5 million construction loan to move forward with Arbor House, its newest multifamily development planned for Palm Beach County in South Florida.
The four-year, floating-rate loan was arranged by JLL Capital Markets, which sourced the financing from a publicly traded real estate investment company. JLL did not disclose the lender’s name when asked by CoStar News.
“Arbor House represents a compelling value creation opportunity in a supply-constrained, high-barrier-to-entry submarket,” said Joshua Odessky, director at JLL Capital Markets, in the company’s announcement.
A 13-Story Multifamily Tower Planned for Growth Market
Arbor House is designed as a 13-story residential tower, accompanied by an eight-story parking structure offering 480 spaces.
The project will deliver 302 apartments averaging 956 square feet, with 10% reserved for workforce housing.
Construction is already underway, according to a prior report from the South Florida Business Journal, which noted that Seawood Builders, based in Deerfield Beach, has begun initial work on the development.
Located at 11200 RCA Center Drive, the site is less than a mile from Interstate 95, providing residents with roughly a 15-minute commute to downtown West Palm Beach. The project is also within walking distance of popular retail options including Whole Foods, Publix and Trader Joe’s.
Palm Beach Gardens: A Tight, Underserved Market
The development site falls within Palm Beach Gardens, near the northern boundary of Palm Beach County and about 75 miles north of Miami. Odessky described the city as “an institutionally underserved market,” noting that Arbor House is positioned to benefit from rising housing demand tied to the migration of financial services firms into West Palm Beach.
Since 2019, the area has seen only two high-quality apartment properties delivered, yet rents have surged 41% over the same period.
According to CoStar analytics:
- Starting rents begin at $2,139 per month
- Three-bedroom units can command over $3,182 per month
Premium Amenities Planned
Residents of Arbor House will have access to an extensive amenity package, including:
- An 8th-floor outdoor deck spanning 7,000 square feet
- A wellness center
- A fitness center
- A golf simulator
- A cold plunge & sauna
- A resort-style pool
About Abacus Capital
Founded in 2004, Abacus Capital has grown a national multifamily portfolio exceeding $4.8 billion in investments and 31,000 units, according to the firm’s website.
For the Record
JLL’s Joshua Odessky, Mona Carlton, and Michael Romero arranged the financing on behalf of the borrower.
Source: Original reporting by Joshua S. Andino, CoStar News.
