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WEST PALM BEACH, FL-Under the entity 430 Hibiscus LP, Coral Gables-based H&H Development Co. and Washington, DC-based the Carlyle Group acquired just over 1.8 acres at that address. The partnership plans the Palms at CityPlace.

The sellers are Buck and Richard Limehouse and the Foundation for the Advancement of Cardiac Therapies. Although the aggregate price of the land is undisclosed, the partnership obtained an acquisition loan of $10.9 million from First National Bank and Trust for the transaction, and area land brokers tell GlobeSt.com the loan would typically have an 80% loan-to-value ratio.

The property is bordered by Iris and Hibiscus streets, S. Quadrille Boulevard and S. Dixie Highway. It is located across from CityPlace, the 72-acre retail, entertainment and residential development. The Palms at CityPlace is planned as a 10-story building containing 288 residential condo units and 24,000 sf of retail space. An H&H spokesperson says condo sales will begin within 60 days and groundbreaking is scheduled for late this year.

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