Centennial Bank has provided a $28.5 million acquisition loan with an interest-only, 24-month term to 20 North Oceanside Owner LLC for the 3.7 waterfront acre site in Pompano Beach, Florida. The joint venture between Related Group and BH Group plans to construct a two-tower mixed-use development featuring 380 luxury condo units on land recently purchased for $47.5 million.
Preliminary designs indicate ground floor retail space and parking podium topped with pool deck are being considered as part of the final design plan for the property which was previously held by Jacob Chetrit and developer Ari Pearl who had been approved in 2016 to build a mixed use project after purchasing it for $42.5 million in 2009 .
Related is also constructing two other luxury oceanfront condos on Ocean Boulevard; Solemar broke ground this year while Casamar began construction last month..
