The Berkeley Palm Beach Locks Down $62.5 Million Pre-Construction Loan

The Berkeley Palm Beach has closed on a $62.5 million pre-construction loan with New York-based JVP Management, marking a significant milestone for the 25-story, 193-residence development rising on Clear Lake in downtown West Palm Beach.

“This milestone is more than financing; it is validation of West Palm Beach’s extraordinary trajectory,” said Al Adelson, Developer of The Berkeley Palm Beach and The Bristol. “The Bristol set the standard for high-rise living here in 2019, proving that Palm Beach buyers were ready for world-class, high-rise living. The Berkeley builds upon that legacy, bringing refined design, expansive amenity offerings, and a lifestyle that reflects the city’s transformation into a global destination.”

The loan reflects continued confidence in West Palm Beach, one of the nation’s fastest-growing hubs for luxury real estate, health care, dining, and corporate investment. The city has attracted leading institutions such as the Cleveland Clinic and Vanderbilt’s “Graduate Education Campus,” alongside a wave of new fine-dining concepts and Fortune 500 companies establishing headquarters and satellite offices, reinforcing its position as a dynamic center for both lifestyle and business growth.

“We are proud to partner with The Berkeley Palm Beach, a project that reflects both the strength of this market and the caliber of its development team,” said Anthony Shaskus, Head of Credit Strategies at JVP Management. “Our financing, which underscores our confidence in both the execution of this development and the sustained demand for best-in-class residences in West Palm Beach, will support the project through its predevelopment phase, and we hope to provide the construction financing in 2026.”

Designed by Arquitectonica, led by Bernardo Fort-Brescia, The Berkeley Palm Beach embodies a balance of timeless elegance and contemporary sophistication. The tower features 193 residences, including four penthouses, ranging from two to five bedrooms, with flow-through layouts, soaring 9- to 11-foot ceilings, and expansive east- and west-facing terraces that capture both sunrise and sunset views. Residences are appointed with natural stone finishes, Snaidero kitchens, and floor-to-ceiling glass, seamlessly blending indoor and outdoor living.

“The Berkeley represents the next evolution of West Palm Beach living,” said Bob Ernst, Partner and Development Director, of The Berkeley Palm Beach. “With financing secured and the site prepared for construction, we are delivering a residential experience that reflects the sophistication of today’s Palm Beach buyer, from design pedigree to expansive ownership opportunities, all just steps from the cultural, dining, and business momentum that is redefining downtown and beyond.”

Amenities span multiple levels, thoughtfully curated for every lifestyle. At the ground floor, residents will have access to concierge services, a library, a co-working lounge, and pet-friendly amenities. The seventh-floor amenity deck introduces a resort-style pool with cabanas, spa treatment rooms, wellness and fitness facilities, a golf stimulator, and landscaped lawns for yoga and events. At the rooftop, there is a swimming pool and jacuzzi, a sky lounge and bar, private dining with a chef’s kitchen, and expansive entertaining terraces with panoramic views of Palm Beach and beyond. In addition, The Berkeley is equipped with a full-building emergency standby generator ensuring safety and comfort during potential weather-related disruptions. Residents will also benefit from UPLIN Health’s In-Home Concierge Health Services, providing personalized wellness and medical care in the privacy of their residences.

Renderings via Gladstone

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Terra Locks Down $291 Million In Permanent Financing for Phase 1 Of 38-Acre Centro City In West Miami Dade

Coconut Grove-based development firm Terra, led by David Martin, has secured a total of $291 million in permanent financing for the newly completed first phase of Centro City, a 38-acre mixed-use development located in the center of Miami-Dade County, just west of Little Havana.

JVP Management has issued a $187 million loan for the development’s multifamily residential component. Hudson Bay Capital has issued a $104 million loan for the retail component. The two loans will be used to pay off the development’s existing construction financing, which was provided in 2022 by Apollo Global Management and Mack Real Estate Credit Strategies.

Now complete, Centro City’s first phase includes a total of 350,000 square feet of revamped and newly built retail space, along with three 8-story multifamily buildings with 470 market-rate apartments. Leasing is now underway for the development’s residential component and tenants are expected to begin move-ins this March.

A Walker & Dunlop team led by Keith Kurland and Gangemi Law Group represented Terra in the transactions. Holland & Knight partners Joe Dewey, Brett Holland, Shawn Amuial and Shaina Kamen, and associate Brian Piper, led the firm’s representation of Hudson Bay Capital.

"Securing long-term financing for Centro City represents a significant milestone, not just for Terra but for the South Florida real estate market as a whole," said David Martin, CEO of Terra. "This project embodies our vision of creating vibrant, sustainable communities that enhance the way people live, work, and connect. Centro City’s completion will provide much-needed housing options, state-of-the-art retail experiences, and community spaces in the heart of Miami-Dade, setting a new standard for mixed-use developments in the region. We are excited to continue building momentum with future phases that will further contribute to the area’s growth and vitality."

Arquitectonica’s vision for the development’s residential component includes multifamily buildings lining the perimeter of the property featuring a series of courtyards, pool decks and lushly landscaped sidewalks. Market-rate units – priced from $2,500 per month – range from studios to two-bedroom apartments measuring between 500 and 1,250 square feet in size. Community amenities include multiple pools, poolside cabanas, barbecue grill areas, a children’s playground, a dog park, resident lounges, game rooms, and more.

The development’s retail component, which included the redevelopment of the property’s existing Central Shopping Plaza, is anchored by a 100,000-square-foot Target and is 95% leased to new and existing tenants including Ross Dress for Less, DD’s, Fresco Y Mas, Walgreens, and Bank of America. Designed by RSP Architects, the reimagined shopping center has been upgraded with a newly conceived façade, common areas, landscaping and signage along with the construction of new retail outparcels.

All told, Centro City’s master plan will come alive in multiple phases and include up to 1,200 market-rate residential apartments, green space for residents, a newly reimagined shopping center with lifestyle-oriented retail and restaurants, a Class A office building, and a Mater Academy K-8 Charter School. Construction of the development’s second phase, which will include approximately 518 multifamily apartments, is expected to commence later this year.

Centro City’s location in West Little Havana – on the northwest corner of NW 7th Street and NW 37th Avenue – is near some of Miami’s largest employment centers, including Miami International Airport, the planned Inter Miami soccer stadium, the Coral Gables Business District, and Blue Lagoon Office Complex. Additionally, the property is across the street from the historic Magic City Casino gaming and entertainment venue, and less than two blocks from the 836 Expressway, providing unparalleled access.

Terra’s portfolio of newly completed mixed-use commercial and multifamily developments across South Florida includes Grove Central, a transit-oriented mixed-use development with residential and retail uses in Coconut Grove; Pines Garden at City Center, a garden-apartment community in Broward County’s City of Pembroke Pines; Natura Gardens, a multifamily community in Northwest Miami-Dade County; and Doral Atrium and Doral Square, two lifestyle-driven retail developments in the City of Doral. Terra is also currently developing Upland Park, a $1 billion mixed-use transit-oriented community that will transform West Miami-Dade County’s Dolphin Park-and-Ride/Transit Terminal Facility into a 47-acre multimodal transportation hub with residential, retail and commercial uses.