Transaction Overview
George Smith Partners successfully arranged $19,929,525 in construction financing for the ground-up development of a shovel-ready mixed-use project located in Delray Beach, Florida. The project, developed by a partnership between South Florida and Chicago based development firms, will deliver a three-story masonry building featuring Class A street-facing ground-floor retail with a mezzanine level and Class A office space on a 0.77-acre site at one of Delray Beach's most prominent downtown corners. The development totals 29,105 NSF, comprising over 21,000 SF of Class A office space and over 8,000 SF of street-facing retail pre-leased to a top-tier restaurant tenant. The property benefits from 350 feet of Atlantic Avenue frontage and 200 feet of Swinton Avenue frontage, a Walk Score of 94, and proximity to the Tri-Rail commuter station and South County Courthouse. The Sponsor acquired the site in Q1 2021 for $8.25 million as part of a two-parcel assemblage and has since executed 20-Year NNN leases for the retail spaces. The project is situated within a Qualified Opportunity Zone and is slated for delivery in Q1 2028.
