A developer scored a $117 million construction loan for a 382-unit multifamily project in West Palm Beach’s Northwood District.
Immocorp Ventures –– a partnership between Gilbert Benhamou of Aventura-based Immocorp Capital and Gideon Friedman of New York-based Beachwold Residential –– is developing the three-building complex at 2484 Pinewood Avenue, according to the lender’s news release. Centennial Bank provided the financing.
The complex, consisting of a nine-story building and a pair of four-story buildings, will have 61,000 square feet of ground-floor space for retail, dining and gallery space, as well as 22,000 square feet for a grocery store or retail anchor.
Immocorp and Beachwold began construction last year. Although they had financing commitments at the time but opted to start building with their own equity in hopes interest rates would come down by the time they secure a loan, Benhamou told The Real Deal in May of last year.
The Federal Reserve cut the benchmark rate three times last year and investors had hoped more slashes would come this year, hence the “Survive ‘til ‘25” adage. But these expectations have been crushed as only about two rate cuts are projected this year partly due to the Trump administration’s tariff and immigration policies. On Wednesday, the Fed held rates steady at its meeting.
Benhamou and Friedman’s Northwood project is about 30 percent finished. Completion is expected in the fourth quarter of next year, with leasing expected to start prior to then, according to the release.
Elsewhere in South Florida, Immocorp Capital is partnering with Kushner Companies on the mixed-use redevelopment on a Miami Gardens site at 19199 Northwest 27th Avenue, just south of Steve Ross’ Hard Rock Stadium. The project will include hundreds of multifamily units, a hotel, retail and entertainment space.
West Palm city officials had been trying to spur development in the Northwood District –– from 23rd Street to lots that are just north of 25th Street, although in areas it goes up to 26th Street, and also from the FEC tracks east to South Dixie Highway –– since at least 2015.
Immocorp won a city solicitation to redevelop the 4.3-acre Northwood site owned by the West Palm Beach Community Redevelopment Agency in 2019. In 2022, a city planning board greenlit the firm’s Northwood project, marking the first development in the district to score approval.
It’s not the only Northwood project on tap. Affiliated Development, led by Nick Rojo and Jeff Burns, is building an eight-story, 270-unit apartment building at 2501 Spruce Avenue in the district.
Construction financing has continued to flow for South Florida multifamily projects, despite higher interest rates and record unit deliveries last year that slowed lease-ups.
This month, a partnership led by Craig Robins’ Dacra landed $125 million to develop the 20-story, 107-unit Cassi apartment tower in the Miami Design District. Last month, Kushner Companies scored $115 million to build a three-story, 68-unit high-end apartment building at 9300 Collins Avenue in Surfside.
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