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.
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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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