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| 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.
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.
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| 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.”
“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.
“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.”
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| Eric Hochman |
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 |
“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.
Contacts:
Eric
Kalis
954-370-8999
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