Pebb Capital has secured a $223 million refinancing package for Sundy Village, a seven-acre mixed-use campus in Downtown Delray Beach. The new financing replaces the project’s existing construction loan and provides additional capital to fund tenant improvements across the development, which is reported to be 97% pre-leased. The loan is being provided by J.P. Morgan and Hudson Bay Capital, giving the project a fresh capital structure as it advances through its development phases.
Walker & Dunlop’s Institutional Advisory Practice arranged the refinancing on behalf of Pebb Capital. The advisory team was led by Sean Reimer, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, and Dustin Stolly. On the lender side, Aaron Casden served as the J.P. Morgan banker on the transaction, coordinating the bank’s role in the new financing. The structure retires the prior construction facility while earmarking proceeds to complete build-out work for incoming tenants.
Sundy Village is designed as a mixed-use campus integrating office, retail, dining, and parking across multiple buildings and phases. Phase One of the project delivered 100,000 square feet of Class A+ office space, along with 30,000 square feet of retail and dining offerings. This initial phase also includes 268 below-grade parking spaces, supporting both office users and retail visitors. The high pre-leasing level across the campus underpins the need for additional capital to finish tenant spaces.
The next phase of Sundy Village will expand the office and retail footprint further. Plans call for a 79,141-square-foot standalone office building at 100 SE First Ave. that is designated for DigitalBridge. Complementing this office component, a 165-space parking garage is planned at 48 SE First Ave. with approximately 3,400 square feet of ground-floor retail space. This combination of dedicated office and activated street-level retail is intended to build on the project’s mixed-use environment within Downtown Delray Beach.
Design for Sundy Village is being led by Gensler and RLC Architects, which are responsible for shaping the project’s overall architectural character and campus layout. Together, the new refinancing, high pre-leasing levels, and continued development activity position Sundy Village as a significant mixed-use hub within Downtown Delray Beach’s evolving commercial landscape.
