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Related & BH Group Acquire $28.5M Loan for Pompano Beach Site
Centennial Bank has provided an interest-only $28.5 million acquisition loan with a 24-month term to 20 North Oceanside Owner LLC for 20 N. Ocean Blvd. Centennial Bank SVP, Senior Commercial Loan Officer Jay Brito orchestrated the transaction with The Related Group and BH Group.
The site spans 3.7 waterfront acres in Pompano Beach. The joint venture between Related Group and BH Group plans to build a mixed-use two-tower development with 380 luxury condo units on land most recently purchased for $47.5 million.
Preliminary plans indicate ground-floor retail and a parking podium topped with a pool deck are being considered for the final design.
The site was previously held by Jacob Chetrit, who along with developer Ari Pearl, had been approved in 2016 to build a mixed-use project. The duo purchased the property for $42.5 million in 2009.
