Miami developer lands $27.15M loan to build West Palm Beach apartments
Monday Mar 19th, 2018
Miami-based AHS Development Group started building an apartment complex in West Palm Beach after landing a $27.1 million construction loan.
AHS broke ground for a 240-unit apartment complex called Village at Mangonia Lake with construction financing from Bank of America.
The Miami-based developer paid $4.5 million in March 2017 for the 7.56-acre development site at 2101 North Australian Avenue, just west of downtown West Palm Beach along Mangonia Lake.
According to its website, AHS expects to complete construction of Village at Mangonia Lake by late 2018.
Carlos E. Gonzalez, chief financial officer of AHS, told the South Florida Business Journal that monthly rents would range upward from $1,300 for a one-bedroom apartment and from $1,600 for a two-bedroom apartment.
Village at Mangonia Lake is designed as a 227,651-square-foot residential cluster of three buildings that will be six stories tall and two buildings that will be three stories tall.
Southeast Architects Services also designed the apartment complex with clubhouse spanning 3,785 square feet with a swimming pool facing Lake Mangonia.
Other common-area amenities will include a walking trail with fitness equipment, barbecue stations and a volleyball court. [South Florida Business Journal] – Mike Seemuth