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A joint venture between JDL Development and Wanxiang America Real Estate Group has secured $160 million in construction financing to build Caretta, a 95-unit luxury beachfront condo in Juno Beach, Fla.
B Safal, a real estate development company and lender based in Ahmedabad, Gujarat, India, provided the construction financing. The JLL Capital Markets debt advisory team of Matthew Lawton, Brian Gaswirth, Paul Adams and Shane Ciacci arranged the financing on behalf of the sponsors.
In a statement, JLL’s Gaswirth noted that JDL Development has primarily made its mark in the Chicago area and is now entering the South Florida market of Juno Beach, a small hamlet just north of Palm Beach.
“We are thrilled to collaborate with JDL, a highly regarded developer with an impressive portfolio of projects that have left an incredible mark on Chicago’s skyline,” said Gaswirth. “Their entry into the Juno Beach condo market presents a tremendous opportunity for them to create a similar legacy in South Florida.”
The 95-unit Caretta mixed-use property will feature two-, three- and four-bedroom condos that average in excess of 3,100 square feet. Planned ground-floor retail space will include a restaurant and shops.
The Caretta’s eastern-facing units will have ocean views, while building amenities will include a rooftop deck with an infinity pool, a fitness center, a sauna, a catering kitchen, a card room, and a wine storage room with accompanying lounges. The luxury property will also feature a dog park, concierge service, and private beach service.
Construction is estimated to be completed in 2025.
Brian Pascus can be reached at bpascus@commercialobserver.com
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