J.P. Morgan Provides $96.4M Construction Loan for Apartment Tower in Downtown West Palm Beach

WEST PALM BEACH, FLA. — J.P. Morgan has provided a $96.4 million construction loan for the development of a 22-story apartment tower in downtown West Palm Beach. The borrower is a joint venture between the developer, Hyperion, and affiliates of Starwood Capital Group and Winter Properties. Located at 201 Clearwater Drive, the unnamed tower will include 457 apartments, 7,000 square feet of ground-floor retail space, a 628-space parking garage and more than 34,000 square feet of indoor and outdoor amenities. Hyperion is expected to begin construction soon, and the development is slated to be open to renters in early 2024.