WEST PALM BEACH, FLA. — Centennial Bank has provided a $117 million senior construction loan for The District at Northwood, a 382-unit multifamily community underway at 2484 Pinewood Ave. in West Palm Beach. The borrower is Immocorp Ventures LLC, a joint venture between Gilbert Benhamou of Immocorp Capital and Gideon Friedman of Beachwold Residential.
The financing will cover the remaining vertical construction of The District at Northwood, as well as reserves and closing costs for the project, which broke ground in February 2024 and is now approximately 30 percent complete. Construction is scheduled for full completion in the fourth quarter of 2026.
The development is situated near Currie Park, where the City of West Palm Beach is investing $35 million for a major renovation. The District at Northwood will offer coworking spaces, an indoor/outdoor fitness studio, padel courts, rooftop entertainment complex with poolside cabanas, outdoor kitchen and dining areas, a pet park, approximately 61,000 square feet of ground-level retail space and 22,131 square feet for either a grocery store or another anchor tenant.