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oodfield Development and Flagler Realty & Development secured an $80.6 million construction loan for a 358-unit mixed-use project in West Palm Beach, featuring an eight-story apartment building with 19,000 square feet of retail space on a 6.5-acre site. The development includes 90 affordable housing units, with the remaining units ranging from studios to three-bedroom apartments. PNC Bank serves as the administrative agent for the lenders.

    The project is expected to be completed in the fourth quarter of next year, with move-ins starting in the third quarter. Approximately 15,000 square feet of retail space has been preleased to a grocery store. The affordable housing units will cater to households earning between 30% and 120% of Palm Beach County's area median income.

    Woodfield Development, founded by Mike Underwood and Greg Bonifield in 2005, has expanded its focus beyond the Eastern Seaboard, including Florida, where it completed its first project, Oversea at Flagler Banyan Square, in 2020. Flagler Realty & Development, a West Palm-based commercial real estate family office, has a portfolio spanning over 100,000 square feet of retail, restaurant, and industrial space.

    The multifamily market in South Florida is experiencing a slight oversupply, but demand is expected to catch up by year-end due to a slowdown in construction starts. Despite headwinds such as higher interest rates and insurance costs, construction financing continues to flow into the region.