Alba Palm Beach Closes On $95 Millon Construction Loan

Miami-based BGI Capital, managed by Kenneth Baboun and Robert Barthelmess, have closed on a $95 million construction loan sourced in partnership with Wexcor Capital, a New York City-based real estate investment, management & advising firm, and financed by Kriss Capital, an New York City-based direct lender making construction and bridge loans on residential assets, to fund the completion of Alba Palm Beach.

As the only new development directly on the Intracoastal waterways in the emerging Northwood neighborhood of West Palm Beach, Alba Palm Beach is being developed by BGI Companies and Blue Road and is set to deliver a boutique collection of 55 luxury residences by 2025, including unique two- and three-story townhomes with unobstructed views. Starting prices begin at $3 million at Alba Palm Beach, which broke ground in August and is currently over 45% sold.

“We’re thrilled to announce the next step in Alba Palm Beach’s evolution with a construction loan of $95 million with a trusted lender like Kriss Capital,” said Kenneth Baboun, principal developer. “Following the momentum of Alba’s groundbreaking, this milestone puts us one step closer to successfully welcoming residents as we remain bullish on the development of West Palm Beach.”

About the loan, Wexcor Capital partner Ron Wexler said "Kriss Capital’s significant experience with condo development and deep understanding of flexible financing in times of market uncertainty set their team apart. We were pleased to partner with a best-in-class sponsor, BGI Capital & Blue Road Group, to deliver tailored financing for this development. Alba will be an excellent addition to West Palm Beach and I’m proud to have played a part in bringing it to life."

“At Kriss Capital, we get to evaluate hundreds of development projects each year and choose a select few to finance. Alba Palm Beach has all the components of a successful project that we look for including stunning design, a first-class development team, and an outstanding waterfront location,” said Jody Kriss, founder and principal of Kriss Capital.

West Palm Beach Condo Development Alba Palm Beach Locks Down $82 Million Construction Loan

Private real estate lender Trez Capital funded an $82 million loan to build Alba Palm Beach, a luxurious waterfront condominium project that will soon rise in West Palm Beach, Florida. The new development is located directly on the west bank of the Intracoastal Waterway in the emerging Northwood neighborhood. Alba will rise 22-stories and offers 55 luxury residences and four townhomes. Since launching sales in February 2022, more than 30% of the project has been reserved. Prices start at $2.5 million. With the loan in place, an official groundbreaking is expected this fall with a project delivery in 2025.

Trez Capital Managing Director Ben Jacobson originated the loan on behalf of the lead developer Kenneth Baboun. Jacobson is based in Trez Capital’s Palm Beach, Florida office led by Executive Managing Director, Eastern U.S. Brett Forman. BGI Capital structured the loan.

“Alba Palm Beach fills a glaring need for high-end residential product in a rapidly growing area of West Palm Beach,” said Jacobson. “We are excited to complete our first transaction with a sophisticated developer that will bring luxurious waterfront living to the city’s Northwood neighborhood.”

“We are so pleased to announce the securing of financing for Alba Palm Beach, especially with the great market response and sales success we have seen in such a short time since launching sales,” Baboun said.

“Working with the team from Trez Capital was a transparent and seamless experience and we are thrilled to have accomplished this milestone for Alba Palm Beach,” said Robert Barthelmess, Managing Partner of BGI Capital.

The spacious two-, three-, and four- bedroom residences range in size from 1,745 to 4,500-plus square feet. Each has oversized glass-framed terraces with summer kitchens and panoramic views, floor-to-ceiling hurricane impact glass windows, upscale appliances and designer fixtures.

Amenities include a private dock with boat slips for residents only, two pools, dedicated grill and lounge areas, state-of-the-art fitness studio, private elevators, virtual conference spaces, theater and multi-sport simulator rooms.

Alba Palm Beach is located at 4714 North Flagler Dr., just minutes away from world-class beaches, the famed Worth Avenue shopping district, upscale dining options and cultural activities.

“West Palm Beach has been a focal point of the substantial corporate migration to South Florida over the past few years,” said Forman. “That is creating intense demand for luxury residences in the city. Alba Palm Beach is poised to generate significant activity from both new-to-market and local buyers.”

For more information about Alba Palm Beach, private showings or purchasing/ leasing information please fill out the form below:

BGI Companies Launches Sales at Alba Palm Beach

BGI Companies has officially launched sales at Alba Palm Beach, a new waterfront residential condominium development located directly on the Intracoastal Waterway. The development is a collection of 55 luxury residences spread throughout a 22-story tower, plus four two- and three-story townhomes. Residents will enjoy a variety of desirable amenities including an entire 25,500-square-foot, sixth-floor amenity level with sunrise and sunset swimming pools, as well as on-site private docks with boat slips exclusively for owners.

In pre-sales, the development received a strong response with more than 30% of the building reserved. Introductory pricing starting from $2.5 million with sales led by Douglas Elliman Development Marketing.

“As our first foray into residential development in the Palm Beaches, we are excited to officially launch sales with a more accessible luxury product in the Northwood area as the neighborhood continues to thrive and grow,” said Kenneth Baboun, principal developer. “With a sought-after location, Alba Palm Beach will introduce a limited-edition waterfront lifestyle that celebrates high-quality workmanship, elevated amenities, and effortless coastal living – all of which are in demand yet hard to come by in today’s market.”

“West Palm Beach has experienced a material transformation and growth in the last few years. The influx of buyers and capital in the area seeking a luxury destination coupled with offering of high caliber products in West Palm Beach has presented tremendous opportunity,” said Jay Phillip Parker, CEO of Douglas Elliman’s Florida Region and President of Douglas Elliman Development Marketing. “With Alba Palm Beach, we are setting a new standard in the neighborhood, offering a waterfront lifestyle with Intracoastal access that cannot be replicated. Our team is proud to present buyers with a development that offers an exceptional value at a premier address.”

Alba Palm Beach is located at 4714 North Flagler Drive in West Palm Beach, Florida, directly on the Intracoastal Waterway. The development’s sleek and modern design is by West Palm Beach-based Spina O’Rourke + Partners. A free-form ground level with design accents that blend into the landscape welcomes residents, who will enjoy access to an elevated amenity deck, with unobstructed sunrise, sunset, and water views. The development houses a collection of 55 two- to three-bedroom residences, and 4-bedroom townhomes with direct waterfront views. There are a limited number of residences per floor, with private elevators and vestibules offering privacy and seclusion.

Alba Palm Beach is situated on 1.71-acres with direct Intracoastal frontage, and a private dock with boat slips reserved for residents only. The tower’s entire sixth floor is dedicated to amenities, including a sunrise pool overlooking the Intracoastal, a sunset pool for the warm afternoon sun, as well as dedicated grill and lounge areas. The on-property state-of-the-art fitness studio includes cardio, resistance training, and yoga. There will also be virtual conference spaces, theater, and multi-sport simulator rooms. The development also offers a covered Porte Cochere entry, valet parking, and access to covered parking with electric vehicle charging stations.

Every residence features spacious layouts with oversized glass-framed terraces with summer kitchens and panoramic views. Floor-to-ceiling hurricane impact windows and sliding doors are installed on all terraces. Additional highlights include Italian-designed kitchens by Italkraft, stainless steel appliances by SubZero® and Wolf®, spa-like baths with designer fixtures and finishes and wiring for high-speed data, media connectivity and smart-home technology. The limited collection of four townhome residences each have their own unique two- or three-story designs.

BGI Capital Announces Expansion to Palm Beach County and a New Managing Director, Gregory J. Laskody

BGI Capital will open a new Boca Raton office and expand its operation to Palm Beach County.

The Miami-based alternative lender and commercial real estate debt provider operates offices in Miami and New York, making this its third location. The new office will be located at 1900 Glades Road, Boca Raton, FL 33431.

Managing Partner Kenneth Baboun is leading BGI Capital’s expansion efforts into key markets, choosing to open a location in the county due to the demand the firm has experienced in the area and its strong network within the community.

In addition to the expansion, BGI Capital also welcomed Managing Director Gregory J.Laskody, CCIM to the firm. Gregory will serve as the firm’s primary Palm Beach County liaison spearheading its efforts to expand debt and capital solutions to a new client base.

With over 30 years of commercial real estate experience, Gregory has extensive expertise in investment sales, commercial real estate mortgage and investment banking, and valuation. Collectively, he has been involved in over $3 billion of commercial real estate transactions. Throughout his career, he has held production, leadership, and management positions with various companies in commercial real estate including Lee & Associates, Deloitte, Nomura Capital, Wells Fargo, Q10 Capital, Newmark Grubb Night Frank, and Colliers International.

“I believe that with my vertically-integrated experience in investment sales and CRE capital markets practice, combined with the firm’s network, will successfully meet our client’s investment objectives.” BGI was founded in Miami in 2013 and expanded into the Northeast in February of 2019 with the opening of its New York office, led by Managing Director Luis Tio. The firm’s presence in New York has led to securing multiple loans in Brooklyn, Astoria, the Bronx and Long Island City among others.In Miami, BGI Capital has played an integral role in the transformation of several Miami neighborhoods including Edgewater, Coral Gables, Brickell and Doral.