Atlantic Crossing project secures $45 million investment
Edwards Cos., which is building Atlantic Crossing in downtown Delray Beach, recently secured a $45 million investment from Pearlmark Real Estate Partners for the project.
The money from the preferred equity investment will help pay for building the mixed-use project, which features apartments, condos, office and retail space.
Atlantic Crossing is located on 9-acres of land on Atlantic Avenue and Federal Highway.
The Ohio-based developer already has a $110 million construction loan from Fifth Third Bank, Huntington Bank and Santander Bank that it received in January.
Mark Witt of Pearlmark arranged the preferred equity transaction.
The entire project is expected to be completed within five years of groundbreaking, or 2023. The luxury residential units would be completed in 2020 with the park-side residential units being delivered in 2022.