PEBB Enterprises and Banyan Development Obtain $26.95 Million Construction Loan for Mainstreet at Boynton
Site work continues at transformative mixed-use project with notable tenants including Sprouts and Wawa
BOYNTON BEACH, FL – PEBB Enterprises and joint venture partner Banyan Development secure 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.
“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.
“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.
“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.
About PEBB Enterprises: Based in Boca Raton, FL, PEBB Enterprises is an entrepreneurial, full-service private equity real estate investment company. PEBB has operated as a family-owned business for more than four decades and takes pride in the company’s team of forward-thinking associates who continue to push and expand PEBB’s growth on a daily basis. PEBB has an unparalleled track record of acquiring and developing high-quality neighborhood, regional and power shopping centers, as well as suburban office buildings. The company’s vast portfolio includes properties in Florida, Texas, Nevada and numerous Midwest and Southeast states. For more information, visit https://pebbenterprises.com/.
About Banyan Development: Banyan Development is a real estate investment company focused on commercial development in the state of Florida. Banyan and its principals have investments throughout the US that include retail, industrial, medical office, residential & multi-family assets. For more information visit www.banyandev.com.