BGI Companies Locks In Construction Financing For 22-Story Alba Palm Beach In Northwood, West Palm Beach

BGI Companies has closed on an $82 million construction loan from Trez Capital, a private real estate lender helping to build better communities across North America. The loan was arranged by BGI Capital  for the construction of Alba Palm Beach, a new 22-story waterfront residential condominium development in collaboration with Blue Road Group located at 4714 North Flagler Drive, directly facing the Intracoastal Waterway in the emerging and growing Northwood neighborhood of West Palm Beach. The development is designed by Spina O’Rourke + Partners with Schmidt Nichols as the landscape architect, and is comprised of a collection of 55 luxury condominiums and 4 two- and three-story townhomes.  The development has received a strong response with more than 30 percent of the building reserved since launching sales in February 2022.

Alba Palm Beach will rise an estimated 262-feet atop 1.71-acre stretch of land bound by North Flagler Drive on the west and the Intracoastal Waterway on the east. The project is in a prime location on the West bank of the Intracoastal Waterway, which is just a short drive away from the upscale shopping and dining district along Worth Avenue, several beaches including Palm Beach and Municipal Beach, Atlantic Ocean boating, as well as a host of upscale culinary spots, designer shopping, art galleries, museums and theatrical performances. Osprey Park is just steps away to the North, and the Palm Beach Sailing Club is a few doors down to the South.

Alba Palm Beach northeast-facing view. Courtesy of BGI Companies.

“We are so pleased to announce the securing of financing for Alba Palm Beach, especially with the great market response and sales success we have seen in such a short time since launching sales,” said
Kenneth Baboun, principal developer. “This solidifies the project and allows us to begin construction. We look forward to officially breaking ground on the building this fall and sharing this unique waterfront living opportunity with buyers.”

“Working with the team from Trez Capital was a transparent and seamless experience and we are thrilled to have accomplished this milestone for Alba Palm Beach,” said Robert Barthelmess, Managing Partner of BGI Capital. “This is an important next step for the project, which we are proud to have been a part of.”

Alba Palm Beach arrival area. Courtesy of BGI Companies.

“Alba Palm Beach fills a glaring need for high-end residential product in a rapidly growing area of West Palm Beach,” said Trez Capital Managing Director Ben Jacobson. “We are excited to complete our first
transaction with a sophisticated developer that will bring luxurious waterfront living to the city’s Northwood neighborhood.”

“West Palm Beach has been a focal point of the substantial corporate migration to South Florida over the past few years,” said Trez Capital Executive Managing Director, Eastern U.S. Brett Forman. “That is
creating intense demand for luxury residences in the city. Alba Palm Beach is poised to generate significant activity from both new-to-market and local buyers.”

BGI Companies chose Suffolk Construction (Suffolk), one of the largest building contractors in Florida, as the construction management firm to build the project. Suffolk was chosen for their expertise in the construction of high-profile multifamily residential projects, the use of innovative technologies, and their stellar reputation in the West Palm Beach construction market.

Douglas Elliman Development Marketing is handling exclusive sales and marketing for the project. Unit are priced from $2.5 million, and are scheduled for delivery in 2025.

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