WEST PALM BEACH, FL-An $87.05-million construction loan has been secured for City Palms, a 288-unit condominium project at the southeast corner of Hibiscus Street and Quadrille Boulevard at 480 Hibiscus St.
City Palms is being developed by a partnership between Coral Gables-based H&H Development Co. and the Washington, DC-based Carlyle Group. Architects on the project are Miami-based Cohen, Freedman, Encinosa and Associates. The project is located on a 1.8-acre site and will include 24,000 sf of ground-floor retail space. It is expected to be completed in 22 months.
H&H Development Co. president Harvey Hernandez says the loan will cover all of the construction costs for the project. "The closing of this loan reaffirms our commitment to this project," Hernandez says. "We were one of the last to start development efforts on projects in the area and one of the first to begin construction."
During the last few months, the partnership has completed demolition on the site, installed off-site underground utilities, completed the foundation site work and begun excavation work. Picot & Co. Realty Advisors are the exclusive sales agents for the units, which start from the $300,000s. Hernandez says 80% of the units have already been sold, but marketing efforts for the retail space have not yet started. "We plan to begin that soon," he says.
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