The asset involved in this transaction is located at 2501 Spruce Avenue in West Palm Beach, covering an area of 1.5 acres. The recent transaction has secured a loan amount of $50,000,000 to begin construction on an apartment building named The Spruce, which will comprise 270 units within an eight-story structure. The development is scheduled for completion by 2026 and has received $7.6 million in city incentives, with a commitment to reserve 117 units for workforce housing.
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