Friday, April 24, 2020

PEBB Enterprises and Banyan Development Obtain $26.95 Million Construction Loan for Mainstreet at Boynton Beach, FL

 Ian Weiner
BOYNTON BEACH, FL –– PEBB Enterprises and joint venture partner Banyan Development secured a $26.95 million construction loan for the impactful Mainstreet at Boynton project in Boynton Beach. Buffalo, N.Y.-based M&T Bank is the lender.

The transaction closed on April 22.
Site work is underway at the mixed-use development, which is located at 6405 W. Boynton Beach Blvd. 

The carefully planned project is expected to be a major catalyst for the West Boynton area.
Popular organic grocer Sprouts is leasing 26,000 square feet to anchor the primary retail component of Mainstreet at Boynton, with Wawa signed on to occupy an outparcel.
 Jason Sher 
“We are thrilled to complete this transaction with M&T Bank,” PEBB Enterprises President and CEO Ian Weiner said. 

“This was our first opportunity to work with the bank, and it was a pleasure. The successful closing is a testament to the strength of our joint venture and the substantial pre-leasing activity already generated.”
Mainstreet at Boynton’s plans also include a 158-bed, 117,000-square-foot Congregate Living Facility (CLF).
The venture recently finalized a lease for a retail tenant to occupy 4,000 square feet within the grocery building anchored by Sprouts. It is also negotiating letters of intent (LOI) with several retail and restaurant tenants. Including the signed LOIs, the project is 85% pre-leased.

 Eric Hochman 
“The response from potential tenants has been tremendous,” Banyan Development Principal Jason Sher said. “It speaks to the attractiveness of the development and strong demographics of the surrounding neighborhood.”
Mason Construction of Jupiter is the project’s general contractor. Workers are making significant progress, as the site is fully cleared and pad and utility work for each building is in progress.
Shell construction is scheduled to be completed during the second quarter of 2021, with delivery to tenants expected around that time or shortly after.
Jenny Schuemann 
“We appreciate that Palm Beach County has remained open and is facilitating the continued processing of site work inspections and building permits for our planned improvements,” PEBB Chief Development Officer Eric Hochman said. 

“Our positive momentum continues, which brings Boynton Beach residents that much closer to experiencing the benefits of this forward-thinking, well-designed project.”
For leasing inquiries, contact PEBB’s Chris Stewart or Jenny Schuemann at (561) 613-4020.

Eric Kalis

Daniel Benjamin
Senior Account Executive, BoardroomPR
O 954-370-8999
C 954-618-8287
Bank of America Plaza | 1776 N Pine Island Road
Suite 320 | Fort Lauderdale, FL 33322