Urban Standard Capital, a New York-based private equity firm, has delivered a $11.3 million construction loan to the developer of the Park Central Townhouses in West Palm Beach, Fla.
The site, located at 1901-1991 Dock Street, was purchased in 2015 for $1 million. Construction commenced in September 2022 and is expected to be completed in the first quarter of 2024.
Each of the 14 townhomes will feature 2,338 interior sq. ft., three bedrooms, three baths, and an in ground plunge pool, and will boast high end finishes and design packages. Many of the units are already in contract and will sell in the high $1 million range.
Urban Standard Capital is an active player in the luxury residential space. In the last 12 months alone, the firm has lent over $200 million secured by luxury homes with a specific focus on markets like the Hamptons, Miami, Palm Beach, and Vail.
“Our focus has always been to partner with the most active and successful developers in each submarket,” said USC’s Robert Levine who negotiated the loan, along with USC’s Founder Seth Weissman. Added Levine, “While there are certainly headwinds as it relates to interest rates and inflation, we believe that there is significant downside protection in lending against the highest quality assets developed by best in class sponsors. In down markets, you see a flight to quality time and time again.”
