Wood Partners Closes $66.5M MF Construction Deal in South Florida
- Aug 02, 2011
August 2, 2011
By Nicholas Ziegler, News Editor
Wood Partners announced earlier this week it closed on $66.5 million in construction financing to build the Alta Congress, a four-story, 369-unit apartment community near downtown Delray Beach, 50 miles north of Miami. The project is one of the few new constructions in the area, as Palm Beach County’s rental-occupancy rate is more than 95 percent.
The Delray Beach area is located to take advantage of an increased interest in the South Florida area, with a USA Today article calling the location “hipper by the year.” To that end, the property will be located within walking distance of the Delray Beach TriRail station, linking Miami, Fort Lauderdale and West Palm Beach along a 71-mile train system with 18 stations.
“Delray Beach is a terrific area and Alta Congress is ideally positioned to put residents in the middle of a wide variety of transportation, cultural, dining and recreational opportunities,” said David Thompson, a director of development for Wood Partners in South Florida.
According to a Jones Lang LaSalle report, tourism, professional services, education and health services are expected to continue their growth over the next year and will serve as drivers to stabilize the nearby Ft. Lauderdale market. Although the expected country-wide recovery should take hold in the next 24 months, Florida is expected to see downward pressure on rents, moving leverage into tenants’ hands.
Occupancy is slated to begin in December 2012, with final construction being complete in May 2013.