Abacus Capital broke ground on its Palm Beach Gardens apartment project after nabbing a $77.5 million construction loan.
Affiliates of Beverly Hills, California-based Kennedy Wilson and Toronto-based Fairfax Financial provided the financing for Arbor House, a planned 13-story building with 302 units and an eight-story garage with 480 parking spaces at 3701 Catalfumo Way South, records show.
A JLL team led by Mona Carlton and Joshua Odessky arranged the loan on behalf of New York-based Abacus Capital, led by CEO Ben Friedman.
Abacus Capital is developing Arbor House on a 4.7-acre site acquired last year for $32.5 million from Palm Beach Gardens-based Catalfumo Companies led by Daniel Catalfumo. The property is within the 37.6-acre PGA Station, a mixed-use community being master developed by Catalfumo.
Ultimately, PGA Station will have 1,016 apartments; a 122-key hotel; 16,000 square feet of retail; 12,500 square feet of restaurant space; and 468,000 square feet of office space. PGA Station will include The Modern at Palm Beach Gardens, a mixed-use building featuring 220,000 square feet of office, retail and restaurant space being developed by Miami-based Gatsby Florida, led by co-founders Isaac Shalom and Babak Ebrahimzadeh.
In June and July, Abacus Capital demolished two office buildings that were on the Arbor House development site. General contractor Seawood Builders recently filed a notice of commencement to begin construction of the multifamily project, records show.
Designed by Coral Gables-based Corwill Architects, Arbor House will have a mix of studio, one-, two- and three-bedroom apartments. About 10 percent of the units will be set aside as workforce housing for tenants earning up to 120 percent of the area median income in Palm Beach County, which is $104,000.
According to JLL, Palm Beach Gardens has experienced minimal multifamily development since 2019, and market-rate asking rents have increased 41 percent since 2020 to an average of $2,671 a month.
Founded in 2004, Abacus Capital focuses on developing and buying multifamily properties, according to the firm’s website. The company has $4.8 billion in assets under management.
