News release

$84.2M in financing secured from Bank OZK for West Palm Beach mixed-use development

JLL Capital Markets secured the senior construction financing for the first phase of the Nora District, an adaptive reuse and new construction project, which will include over 150,000 square feet of restaurants, bars, retail shops, fitness studios and creative office space

June 20, 2024

Kristen Murphy

Capital Markets, Hotels & Hospitality and Value & Risk Advisory PR
+1 617 848 1572

MIAMI, Jun. 20, 2024 – JLL Capital Markets announced today that it has arranged $84.2 million senior construction financing for the first phase of the Nora District, an ongoing master-planned redevelopment project located in downtown West Palm Beach. The first phase of Nora will consist of the adaptive reuse and development of over 150,000 square feet of commercial space for restaurants, bars, retail shops, fitness studios and creative office space, which will complement and amenitize future development phases including a luxury boutique hotel alongside large-scale, multifamily and mixed-use developments.

JLL worked on behalf of the borrower, NDT Development, Place Projects, Wheelock Street Capital and BD Hotels, to secure the loan through Bank OZK. The partnership between the sponsors brings together a best-in-class master-redevelopment track record, localized market expertise and institutional investment management capabilities.

Commencing in 2019, NDT Development and Place Projects assembled over 70 individual parcels from a fragmented ownership into a consolidated 13-acre site and secured a large-scale rezoning allowing for as-of-right residential, hospitality, retail and office uses. The site’s scale, centralized ownership and flexibility of zoning is a key driver of the district’s compelling mixed-use vision.

Upon completion, the first phase of Nora will feature a curated commercial promenade, comprised of the adaptive reuse of nine existing industrial warehouses into high-finish, one- to three-story commercial buildings and four newly built boutique commercial buildings. Tenancy within the promenade will consist of a tasteful mix of best-in-class food and beverage with al fresco dining options, boutique fitness and wellness and lifestyle retail tenancy, featuring many new-to-market concepts including New York’s Van Leeuwen Ice Cream, H&H Bagels, Garret Group bar concept, Juliana’s Pizza, Boston’s Loco Taqueria and Oyster Bar and Naples’s Del Mar, among others. The property will also include a members’ only club, featuring a high-finish lounge, a coworking area and an event and entertainment space. In addition to the redevelopment of commercial space, the project will also involve public realm improvements, streetscape beautification and infrastructure upgrades on North Railroad Ave. Upgrades will include cobblestone streets, curbless and widened sidewalks, landscaping, linear parks and additional parking areas to support the neighborhood and provide a truly walkable, pro-pedestrian experiential retail hub.

Future phases of the Nora District will feature over 1.7 million square feet of mixed-use development to further complement the commercial environment created in Phase I.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Steven Klein, Managing Director Brian Gaswirth and Associate Mateo Bolivar.

“We are appreciative to our Borrower team for the opportunity to work on this forward-thinking development in one of the nation’s most exciting markets. The commercial offering of Nora Phase I is posed to raise the bar for experiential retail in West Palm Beach and will become a transformative destination for both residents and visitors alike,” said Klein.

Gaswirth added, “Our sponsor’s ability to attract numerous new-to-market tenants is a testament to their deep industry knowledge, and the Nora District’s potential to contribute to the ongoing rise of West Palm Beach into a premier lifestyle destination.”

“Bank OZK is pleased to provide construction financing for Nora,” stated Greg Newman, Senior Managing Director of Originations at Bank OZK. “This premier mixed-use development with its top-tier sponsorship and dominant location aligns well with our commercial real estate lending strategy.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 108,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About NDT Development

NDT Development is an opportunistic real estate and hospitality firm based in West Palm Beach, FL. NDT employs a localized approach with the goal of creating positive and lasting change in the South Florida submarket, transforming overlooked spaces into vibrant places. NDT has developed across property types including hospitality, residential, office  and mixed-use. Strategic relationships and partnerships are instrumental in the firm's success in combining place, potential and precision to create lasting value.

About Place Projects

Place Projects is a Miami-based real estate investment firm, operating partner and place marker creating lasting value in urban neighborhoods through thoughtful development, planning and content creation. Place Projects and its founder, Joe Furst, have a proven track record of co-creating developments, working alongside community leaders and policymakers to reimagine real estate to strengthen the connection between people and the places they share. The firm’s current real estate portfolio includes several residential, commercial and retail developments throughout Florida, including Wynwood, West Palm Beach, Doral and St. Petersburg.

About Wheelock Street Capital

Wheelock Street Capital L.L.C. is a private real estate investment firm founded in 2008 by Rick Kleeman and Jonathan Paul, two veteran real estate private equity investors, each with over 30 years of broad real estate transaction experience across all major asset classes. Wheelock has raised over $5 billion in capital commitments from well-known institutional investors and focuses on real estate investment opportunities throughout the United States, in both public and private markets. Wheelock is currently deploying its seventh fund in its value-added series, Wheelock Street Real Estate Fund VII with $1.2 billion of capital commitments and its first perpetual life fund, Wheelock Street Long Term Value Fund with $1 billion of capital commitments. The firm may invest directly or with high-quality joint venture partners through a variety of capital structures and transaction types, including acquisitions, restructurings, and recapitalizations. Wheelock’s investment team benefits from extensive experience from top-tier institutional investment firms and highly regarded real estate operating companies and has produced a 10-plus-year track record of demonstrated and consistent outperformance over industry benchmarks. 

About BD Hotels

Established in 1986, BD Hotels was founded by Richard Born and Ira Drukier and serves as one of the largest independent hotel operators in New York City and the U.S. Featuring approximately 5,000 keys, the BD Hotels portfolio includes some of the most storied hotels, including The Manhattan, The Mercer, The Bowery, The Ludlow, The Chelsea and more.

About Bank OZK

Bank OZK (Nasdaq: OZK), through its Real Estate Specialties Group (RESG), provides financing on commercial real estate projects throughout the nation. RESG is considered a preeminent, market-leading construction lender focused on senior secured financing for a variety of property types including mixed use, multifamily housing, condominiums, office, hospitality, life sciences, industrial and retail. During the five years ended March 31, 2024, RESG originated approximately $41.8 billion in new loans. For more information, visit