Golub Flagler Investors Nab 206M Construction Loan For The Bristol

Golub Flagler Investors Nab 206M Construction Loan For The Bristol

The developers of the Bristol in West Palm Beach have closed a $206 million construction loan.

Records show Flagler Investors LLC secured the financing from the Blackstone Group’s BREDS III Loan Holdings LLC. The developers are Al Adelson, principal of Flagler Investors, and Gene Golub of Chicago-based Golub, who broke ground on the 25-story tower at 1100 South Flagler Drive in May.

HFF’s Scott Wadler along with Jim Dockerty arranged the loan on behalf of Golub. Wadler said the project had interest from multiple lenders, and that it was successful in securing a large construction loan because West Palm Beach has high barriers to entry. “It’s the only luxury high-rise development getting developed in Palm Beach County,” Wadler told The Real Deal.

In West Palm Beach, other projects under construction include the Banyan Cay Resort at 3200 North Congress Avenue, which will feature residences.

Flagler Investors LLC closed on the financing on Friday, he said.

The 69-unit building is selling at prices ranging from $5 million to $30 million with sales exceeding 60 percent, Adelson said last month. Buyers hail from Palm Beach, West Palm, Jupiter, Wellington and Boca Raton. It’s following the standard 50 percent deposit structure seen in most Miami projects and many in Broward County, and has more than $300 million in sales so far, Wadler said. The total sellout is $551.5, according to the New York Attorney General’s Real Estate Finance Bureau.

In an effort to attract new buyers, the developers spent $100,000 to run a 30-second commercial during the Super Bowl.

The Bristol is expected to be completed in the fourth quarter of 2018. Chris Leavitt of Douglas Elliman is handling sales. Units range from 3,700 square feet to 14,000 square feet, and the building will front the Intracoastal Waterway.

Willoughby Construction was tapped as the general contractor in February, according to a press release.

Flagler Investors paid $21 million for the waterfront development site in July 2014. The 3.21-acre property is directly across the street from the First Baptist Church of West Palm Beach, which had previously used the property as an outdoor stadium, according to Palm Beach County property records.

Victor DeFrisco Headshot
Phone: 561-951-3759
Dated: March 7th 2017
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