Friday, March 14, 2014

Billionaire Greene makes two big deals for West Palm Beach developments

Palm Beach billionaire Jeff Greene has reached across the waterway to acquire two development projects in West Palm Beach in recent days.

In separate transactions, Greene obtained a 21.5-acre site off Palm Beach Lakes Boulevard for an apartment complex and a 3.3-acre site downtown where a condominium plan stalled during the recession.
In the former deal, Minneapolis-based BF Accona, managed by Stephanie Lurde, sold the property at 800 Hank Aaron Drive to Greene’s Aaron Drive Holdings for $6.76 million. The site was seized in foreclosure in 2009. It last traded in a normal transaction for $34.85 million in 2006.
Bank of America (NYSE: BAC) provided a $60 million construction loan to Aaron Drive Holdings.
According to a Palm Beach Post story from late 2012, Green planned to build 548 apartments on the site, which formerly had West Palm Beach Municipal Stadium.

In the other deal, WREC Quadrille, an affiliate of Wasserman Real Estate Capital and Vornado Realty Trust, sold the site at 550 N. Quadrille Blvd. for $15 million to Greene’s Melrose/Camerford Partners, Little Broad Beach Partners and 550 Quadrille LLC. Bank of America financed $7.5 million of that deal, so it doesn’t have a construction loan in place yet.
The property last sold for $3.2 million in 2005. WREC previously got approval for a 323-unit condo but it didn’t launch construction.

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