NDT Development, Place Projects and Wheelock Street Capital secured $84 million in construction financing for Phase I of The Nora District, a 40-acre hospitality destination in Downtown West Palm Beach. Named after North Railroad Avenue, Nora offers food and beverage establishments, boutique fitness and wellness, lifestyle retail and creative office space.

Bank OZK provided the financing, and Steven Klein, Brian Gaswirth and Mateo Bolivar of JLL brokered the transaction.

Phase I of Nora, including over 150,000 square feet of adaptive reuse and new development, broke ground in June 2023 and is slated for completion in early 2025. Turn-of-the-century railway warehouses have been turned into ground-floor retail. Phase I will also include over 55,000 square feet of second-floor showroom and office space. 

The development’s future phases will include additional retail and office as well as multifamily residential offerings and The Nora Hotel, a new 201-key boutique hotel developed in partnership with BD Hotels and Sean MacPherson.

The post Lifestyle Hub Investors Obtain $84M Construction Loan appeared first on Connect CRE.