Nick Rojo & Jeff Burns Of Affiliated Development Secure $50 Million Loan For The Spruce In West Palm Beach
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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