JDL Development and Wanxiang America scored a $160 million construction for a mixed-use project in Juno Beach, Fla.
The debt from Argo Real Estate, Bsafal and Taconic Capital Advisors will go toward building Caretta, a five-story complex with 95 condo units and 25,000 square feet of retail space.
In 2021, the Chicago-based joint venture paid $20 million for the 5-acre site at 1011 U.S. Highway 1, at the intersection of Donald Ross Road, 400 yards from the beach, according to property records.
Construction is expected to be completed in 2026, according to a press release issued by Taconic. Asking prices for Caretta’s condo units range from $1.5 million to $8 million.
Carreta appears to mark JDL Development’s first project outside of Chicago. The partner is the U.S. division of Chinese automotive parts conglomerate Wanxiang, which is also based in the Windy City.
Caretta’s financing also marks the latest big-dollar construction in South Florida, despite interest rate hikes, which have slowed the debt market.
Last May, Catalfumo landed a $340 million construction loan for a Ritz-Carlton-branded condo development in Palm Beach Gardens, three miles north. Last month, Mast Capital raised $600 million for the Cipriani-branded luxury development in Brickell — marking South Florida’s largest condo construction loan.
Toward the end of 2023, Miami developers CMC Group and Fortune International Group scored loans north of $200 million. In July, Witkoff Group and Monroe Capital secured $430 million to build the Shore Club Private Collection, a redevelopment of the Art Deco property in Miami Beach.
Representatives for JDL Development and Wanxiang America did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
Robert Khodadadian, skyline properties, ground leases, off market, investment sales, Commercial Real Estate, Commercial Observer
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