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JV Secures $96M to Start 22-Story Multifamily in West Palm Beach
A joint venture between affiliates of Starwood Capital Group, Hyperion Group and Winter Properties has secured $96.4 million construction financing from J.P. Morgan for the development of a 22-story residential building at 201 Clearwater Drive in downtown West Palm Beach, FL.
The project, which is being developed by Hyperion, will have 457 apartments, 7,000 square feet of ground floor retail, a 628-space parking garage and over 34,000 square feet of indoor and outdoor amenities. The project will lease to renters in early 2024.
West Palm Beach is experiencing substantial growth in office and residential activity, driven by demographic changes including a 17.5% population increase in Palm Beach County since 2010, which is almost double the rate of the national average, according to the US Census.
The county is home to 2,500 financial service firms. Residential demand is expected to increase due to a University of Florida campus planned near the project.
- ◦Development
