Centaur Holdings Obtains $170 Million in Funding for Project Avenir

Left to right: Kyle Asher, Managing Director, Faisal Ashraf, Managing Partner of Monroe Capital and Lotus Capital, with rendering of Panther National in Palm Beach County (Panther National, LinkedIn/Kyle Asher, LinkedIn/Faisal Ashraf, iStock )

The developer of Panther National, a planned single-family home community with a Jack Nicklaus-designed golf course in the Avenir development in Palm Beach County, has secured $170 million in financing.

Centaur Holdings, an investment holding company based in Switzerland and Bermuda, is developing Panther National, near Palm Beach Gardens. The project includes 218 single-family homes, an 18-hole Nicklaus-designed course, a golf practice facility, a 40,000 square foot clubhouse, and a health and lifestyle club.

Chicago-based Monroe Capital is providing the financing, which includes two term loans, a revolver and a construction loan, according to Lotus Capital Partners, which arranged the debt. The developer can borrow up to more than $250 million, according to a press release.

A subsidiary of Centaur Holdings paid $60 million for 392 acres to Avenir in November, property records show. Avenir Holdings, led by David Serviansky, sold the land.

Faisal Ashraf, managing partner of Lotus Capital, said the four loan tranches will work together and the complex debt structure is “designed more optimally for the ongoing development of a residential project for sale”.

“It lowers the cost of funding for them and allows them to use different things depending on their needs,” he said.

The first part of the debt includes the two term loans and the revolver – which is akin to a line of credit – totaling $80 million. The developer will use the financing to finance the infrastructure and predevelopment costs of the single-family homes. Centaur is also expected to use some of those funds for the golf course and clubhouse, Ashraf said.

The second tranche is a $90 million construction loan with a revolver component, meaning the developer can pull that debt up and down as the homes are individually completed.

Contemporary architect Max Strang of Miami-based Strang Design designs the single-family homes. Homes range from $3 million to over $10 million, depending on the palm beach post. Sales are in progress.

Avenir is one of the largest planned communities in South Florida, if not the largest. The nearly 4,800-acre area is approved for approximately 3,900 residential units, most of which are single-family homes; approximately 1.8 million square feet of office space; 200,000 square feet of medical offices; a hotel with 300 keys; and 400,000 square feet of retail. Builders who have purchased land include Pulte, Toll Brothers, commercial developer Konover Stern, K. Hovnanian Homes and DiVosta.

The project also includes a 2,400-acre nature reserve called Avenir Conservation Area.

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