Private investment firm Rockpoint and developer Kolter Group have secured $107.8 million in financing. This amount is designated for the construction of a garden residential complex in Palm Beach Gardens, Florida, according to property records. PNC Bank provided the construction loan financing for 'The Sutton', a five-storey building with 432 residential units, which is being built north of North Military Trail and west of Dixie Highway.
The Sutton will offer a range of amenities tailored to residents' needs. Plans include a swimming pool, a gym, and co-working spaces that cater to modern work requirements. A residents' lounge is planned for recreation and social interaction. Furthermore, the complex will feature a dog park and a children's playground, underlining the inclusive nature of the project.
Strategic Development and Location Selection
The joint venture partners already completed the purchase of the 17.6-acre plot earlier this week, which previously housed the Hilltop Gardens Mobile Home Park. The acquisition amounted to $30 million. Construction work for The Sutton is expected to be completed in 2028.
Dan Domb, Managing Member and COO at Rockpoint, commented on the company's strategic direction: 'Our selective development strategy enables us to focus on submarkets like Palm Beach Gardens, which are highly supply-constrained and have strong demand for modern housing.' This statement underscores the data-driven decision-making in location selection and product development.
Extensive Activities in South Florida
Both Rockpoint and Kolter are established players in the South Florida real estate market. Kolter, specialising in residential property development, received a $92 million construction loan in June for a 386-unit project in Delray Beach, the company's headquarters. This project falls under the 'Live Local Act'.
Rockpoint, based in Boston, secured $100 million in financing in February, together with 13th Floor Investments, for the realisation of a transit-oriented multifamily project in Boca Raton. Furthermore, the private equity firm is an equity partner in the luxury 56-unit oceanfront condominium project in Bal Harbour, developed by the Related Group.
