Model Atlantic Actual Property Companions managing companions Andrew Dance and Adam Demark, and renderings of the 2 buildings at 300 Banyan Boulevard and 111 Olive Avenue (Model Atlantic Actual Property, Getty)

Seven months after unveiling plans to develop a brand new workplace constructing and renovate an current one in downtown West Palm Seashore, a three way partnership secured an $87 million building mortgage for each initiatives.

New York-based Acore Capital offered the financing to Model Atlantic Actual Property Companions and Wheelock Road Capital, in keeping with data. The funds will go towards the event of a 12-story workplace tower at 300 Banyan Boulevard and a intestine renovation of a historic constructing at 111 Olive Avenue, a press launch states.

A Newmark staff led by Dustin Stolly and Jordan Roeschlaub organized the mortgage for Model Atlantic and Wheelock, the discharge states.

Palm Seashore-based Model Atlantic is led by managing companions Andrew Dance and Adam Demark. Wheelock, a Greenwich, Connecticut-based actual property funding agency, is led by managing companions Rick Kleeman and Jonathan Paul. The partnership acquired the 2 websites for $20 million in June of final 12 months, data present.

The three way partnership is growing the initiatives, often known as 300 Banyan and 111 Olive, at a time when the workplace market in downtown West Palm Seashore is booming with new workplace building, and an inflow of out-of-state hedge funds and monetary companies corporations are shifting into the town.

Model Atlantic and Wheelock plan to finish 111 Olive by the top of this 12 months and 300 Bayan in early 2024, the discharge states. 111 Olive can have 27,000 sq. ft of workplaces and 11,000 sq. ft of retail. 300 Banyan can have 115,000 sq. ft of workplaces, 6,000 sq. ft of ground-floor meals and beverage house and about 300 parking areas.

With fierce competitors from different new workplace initiatives like One Flagler, the three way partnership is banking on 300 Banyan attracting tenants with its floor-to-ceiling home windows with water views, non-public workplace terraces and an indoor golf simulator lounge, amongst different options.

Stephen Ross’ Associated Firms is growing One Flagler, a 25-story workplace tower that’s commanding asking rents of between $140 and $180 a sq. foot, in keeping with JLL.

Final month, Associated introduced six corporations signed leases for greater than 50,000 sq. ft at One Flagler. The brand new tenants embody Chicago-based Non-public fairness agency GTCR, which is increasing its South Florida presence, and New York-based Diameter Capital, which is shifting its downtown West Palm workplace from 360 Rosemary, one other downtown West Palm Seashore workplace tower Associated additionally developed.