BGI Capital Announces Closing Of $95 Million Construction Loan For 22-Story ‘Alba Palm Beach’

Miami-based BGI Capital, managed by Kenneth Baboun and Robert Barthelmess, has announced the closure of a $95 million construction loan in partnership with Wexcor Capital, a New York City-based real estate investment, management, and advising firm. The loan was financed by Kriss Capital, a New York City-based direct lender specializing in construction and bridge loans for residential assets, and it will facilitate the completion of Alba Palm Beach.

Alba Palm Beach, set to reach a 22-story, 262-foot pinnacle, is located at 4714 North Flagler Drive in the burgeoning Northwood neighborhood of West Palm Beach and boasts a unique position along the Intracoastal waterways. This development is a collaborative effort between BGI Companies and Blue Road, and is designed by locally-based Spina O’Rourke + Partners with Schmidt Nichols as the landscape architect. It is projected to complete a boutique collection of 55 luxury residences by 2025, featuring distinctive two- and three-story townhomes that offer unobstructed views. Pricing at Alba Palm Beach begins at $3 million, and the project, which commenced construction in August with Ortega Construction as the general contract0r, has already achieved a sales rate of over 45%.

Alba Palm Beach. Credit: Evolution Virtual.

Kenneth Baboun, principal developer, expressed his enthusiasm for securing the $95 million construction loan, emphasizing the significance of this milestone for Alba Palm Beach’s progress. He stated, “We’re thrilled to announce the next step in Alba Palm Beach’s evolution with a construction loan of $95 million with a trusted lender like Kriss Capital. Following the momentum of Alba’s groundbreaking, this milestone puts us one step closer to successfully welcoming residents as we remain bullish on the development of West Palm Beach.”

Alba Palm Beach. Credit: Evolution Virtual.

Wexcor Capital partner Ron Wexler also commented on the loan, highlighting Kriss Capital’s extensive experience in condo development and their adeptness in providing flexible financing solutions during market uncertainty. He expressed his satisfaction in partnering with BGI Capital & Blue Road Group and their role in delivering tailored financing for the development. “Alba will be an excellent addition to West Palm Beach, and I’m proud to have played a part in bringing it to life,” he added.

Jody Kriss, founder and principal of Kriss Capital, further praised Alba Palm Beach as a promising project with all the key components for success, including exceptional design, a top-notch development team, and an outstanding waterfront location. He noted, “At Kriss Capital, we evaluate hundreds of development projects each year and choose a select few to finance. Alba Palm Beach has all the components of a successful project that we look for.”