An affordable apartment complex broke ground in the Northwood Village neighborhood of West Palm Beach thanks to a $24.6 million construction loan.
Berkadia provided the mortgage to POTP LLC, managed by Neil Kozokoff, head of the Parkland Cos. in West Palm Beach. It covers the 1.28-acre site at 2121 Broward Ave., north of downtown West Palm Beach.
West Palm Beach-based Kast Construction Co. filed notice with the county that it recently started construction of the Broward Apartments there. They will have 105 units in four stories. Amenities will include a pool, fitness center, lounge, communal kitchen, café, conference room and grilling stations.
The developer previously qualified for incentives from the West Palm Beach Community Redevelopment Agency (CRA).
West Palm Beach has attracted many new businesses to the city over the past year, but housing prices have skyrocketed. This project will help ensure that there is some affordable housing available not far from downtown.
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