Icon Realty Capital, led by Anthony Shafer, has locked down a $25.16 million construction loan for Icon of Palm Beach Shores, an approved condo building coming to the north side of the Palm Beach inlet. The financing was arranged by the Washington-based Construction Loan Services II. Icon of Palm Beach Shores is located at 150-206 Inlet Way. Icon Realty Capital acquired the property in May 2021 for $6.27 million and plans to demolish the 70-year-old residential buildings which currently sits on the site.
Icon of Palm Beach Shores will feature 15 condo units which are expected to start at $2 million. Units feature direct water views from the living areas, modern design, high-end finishes and expansive balconies. Icon of Palm Beach Shores will be listed and marketed by Lauren Matthews of Douglas Elliman and Greg Forest of Sotheby’s International Realty.
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