Pebb Capital has secured $223 million in refinancing for Sundy Village, a seven-acre mixed-use campus at 22 West Atlantic Avenue in Downtown Delray Beach. Designed by Gensler and RLC Architects, with Bluewater Builders serving as general contractor, the development combines office, retail, and dining space with restored historic buildings near the intersection of Atlantic and Swinton Avenues. J.P. Morgan and Hudson Bay Capital provided the financing.
The transaction replaces the development’s existing construction loan and provides additional capital for tenant improvements. According to Pebb Capital, Sundy Village is 97 percent pre-leased, with tenant buildouts and occupancy continuing across the campus. J.P. Morgan, which provided the original construction financing alongside Monroe Capital, is increasing its commitment through the refinancing. Monroe Capital is concluding its participation following the construction phase.
Credit: Sundy Village
“Reaching this stage with nearly the entire campus leased demonstrates the strength of our vision at Sundy Village and the market’s response to it,” said Todd Rosenberg, Co-Founder and Managing Principal of Pebb Capital. “J.P. Morgan’s continued involvement, alongside Hudson Bay Capital, reinforces the asset’s long-term value as we continue to welcome tenants and bring the remaining spaces online.”
Walker & Dunlop’s Institutional Advisory Practice arranged the financing. The team was led by Sean Reimer, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, and Dustin Stolly. Aaron Casden served as the J.P. Morgan banker on the transaction.
Credit: Sundy Village
Phase One delivered 100,000 square feet of Class A+ office space, 30,000 square feet of retail and dining space, and 268 below-grade parking spaces. New buildings and restored historic homes are connected by landscaped courtyards, shaded pedestrian pathways, and indoor-outdoor gathering spaces along Swinton Avenue. The campus incorporates historic properties including Sundy House, which is listed on the National Register of Historic Places.
Announced tenants include Vertical Bridge, Industrious, Barcelona Wine Bar, Van Leeuwen Ice Cream, Double Knot, Drinking Pig BBQ, Maman, Dragonfly MRI, JTC, and Fairstead Development.
The next phase includes a 79,141-square-foot standalone office building at 100 Southeast First Avenue for DigitalBridge. A separate 165-space parking garage at 48 Southeast First Avenue will incorporate approximately 3,400 square feet of ground-floor retail space. An updated completion timeline for these buildings was not provided in the announcement.
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