Woodfield Secures $ 47 Million Construction Loan for West Palm Tower
A South Carolina-based developer has bought a property and secured a $ 47 million construction loan as he begins building a 15-story mixed-use multi-family project in West Palm Beach.
A subsidiary of Woodfield Development bought the site at 303 Banyan Boulevard for $ 8.9 million. Woodfield got the loan from Northwestern Mutual Life Insurance Company, records show.
Documents filed with the county show that KAST Construction of West Palm Beach is building the tower, which will include 223 apartments, 3,000 square feet of retail space and 324 parking spaces.
Woodfield was founded in 2005 by Mike Underwood and Greg Bonifield.
The seller of the property is a company related to Glenn E. Straub, developer and manager of Flagler Realty & Development and the law firm of Critton, Luttier & Coleman. The seller had paid $ 7 million for the property in 2007. It currently houses an office building and the Wells Fargo bank.
Straub is part of the Straub family of developers. His father was real estate mogul George Straub, who died in 2004. His uncle, Glenn Forman Straub, has been accused of theft last year regarding an alleged fraudulent lien on the property of an ex-girlfriend.
Flagler Realty, based in Palme West Beach, was formed in 1996 by Patrick Koenig, Richard Johnson Jr. and Scott A. Johnson. Last year, Flagler Realty sold the 3,368 square foot Chase bank branch at 3914 South Dixie Highway in West Palm Beach to JP Morgan Chase for $ 5.7 million.