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Affiliated Inks $50M Construction Loan for W. Palm Beach Apartments
Affiliated Development broke ground on the Spruce mixed-income apartments in West Palm Beach after securing a $50 million construction loan. Bank of Montreal provided the mortgage. The original property owner, Grace Development, is also an investor in the project. Affiliated also received funding from the city and Dade County. $5.1 million in tax increment financing and a $2.5 million grant will fund part of the project. A family office came up with the equity portion.
Located on the 1.41-acre site at 2501 Spruce Ave. in the Northwood Village neighborhood, the Spruce will feature 270 apartments and 2,330 square feet of retail in eight stories. That would include 117 apartments with income restrictions.
The project’s general contractor is Verdex Construction. It should be completed in the first quarter of 2026. The architect is A+R.
Amenities will include a coworking center, a fitness center, a pickleball court and game lawn, a pub room with games, and a rooftop pool deck.
- ◦Development
- ◦Financing
