Pebb Capital has completed a $223 million refinancing for Sundy Village, a seven-acre mixed-use campus in Downtown Delray Beach. The new financing package, provided by J.P. Morgan and Hudson Bay Capital, replaces the project’s existing construction loan and includes additional funding earmarked for tenant improvements across the property. The campus is reported to be 97% pre-leased, positioning the refinancing to support build-out and occupancy for incoming users.
The capital stack for Sundy Village was restructured with the assistance of Walker & Dunlop’s Institutional Advisory Practice. The advisory team was led by Sean Reimer, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, and Dustin Stolly, who arranged the financing on behalf of Pebb Capital. On the lending side, Aaron Casden served as the J.P. Morgan banker for the transaction, coordinating the bank’s role in the refinancing alongside Hudson Bay Capital.
Sundy Village is conceived as a mixed-use destination combining office, retail, dining, and parking on a single urban campus. Phase One of the project has delivered 100,000 square feet of Class A+ office space, aimed at modern office users seeking high-quality space in a walkable environment. The initial phase also includes 30,000 square feet of retail and dining, creating a street-level experience intended to serve both office tenants and the surrounding community.
Parking infrastructure is a notable component of the development. Phase One features 268 below-grade parking spaces integrated into the campus. A subsequent phase will add a 165-space parking garage at 48 SE First Ave., which is planned with approximately 3,400 square feet of ground-floor retail. This combination of structured and below-grade parking is designed to support both office and retail uses within the mixed-use environment.
The forthcoming phase of Sundy Village also includes a 79,141-square-foot standalone office building at 100 SE First Ave. for DigitalBridge. The planned building expands the campus’s office footprint and adds a dedicated corporate presence within the project. Together with the existing Class A+ office space and retail components, the new office building is expected to further establish Sundy Village as a multi-building office and retail cluster in Downtown Delray Beach.
Design for Sundy Village is being led by Gensler and RLC Architects. Their work encompasses both the initial and subsequent phases of the project, shaping the architectural and urban character of the campus. With the refinancing in place and a high level of pre-leasing reported, Pebb Capital is positioned to complete tenant improvements and advance the next stages of the mixed-use development.
