Webster Bank Offers $40 Million Construction Loan for South Florida Apartment Construction

Long Island based developer farrell companies has raised $40 million in construction funding to build a multi-family home in South Florida, commercial observers have learned.

webster bank offered a loan to Farrells Central Parkway Loft A project in Stuart, Florida, just north of Palm Beach County.

is above Southeast Central Parkway In Martin County, about 15 miles southeast of Port St. Lucie, Central Parkway Lofts consist of 172 units, 10% of which serve as workforce housing for residents with a regional median income of 80% or less in Martin County. will be used. The four-building complex includes a clubhouse, fitness center, pool, Jacuzzi, and dog laundry room.

Joseph FarrellThe CEO of Farrell Companies said there is strong demand for multi-family homes in the Stewart area as apartment rents are rising in nearby Palm Beach County, Fort Lauderdale and Miami.

“Rent increases are so high that they’re moving out of their homes and moving up north to Stuart,” Farrell said. “I’m an immigrant from South Florida and the northeastern part of the country.”

The Central Parkway Loft project is expected to be completed in June.

A Webster Bank representative did not immediately return a request for comment.

To contact Andrew Cohen: acoen@commercialobserver.com.

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