Urban Standard Capital, a NYC-based fully integrated real estate private equity firm, delivered a $26.4 million acquisition loan for the buyer who purchased a spectacular oceanfront compound in Palm Beach for $48.9 million.
This recent Urban Standard Capital loan on the Palm Beach mansion brings USC to over $100 million in loans just in Florida over the last year since they entered that market.
The undisclosed buyer purchased the Palm Beach estate at 2315 South Ocean Boulevard from Venture capitalist Bryan Cressey and his wife, Christy Cressey. Cressey is a co-founder and partner at Cressey & Company, a Chicago-based private investment firm specializing in health care ventures. Cressey also co-founded Frist Cressey Ventures and Chicago-based private equity firm GTCR, which had $24 billion in assets as of November, according to Crain’s Chicago Business.
The 10,623-square-foot, seven-bedroom, eight-bathroom mansion nearly tripled in value since the Cresseys bought it in 2014 for $16.3 million, according to records. The Plantation-style home sits on 1.8 acres, and was constructed in 2010 by then-owners Donna and Rodney Ward.Lawrence Moens, a Palm Beach real estate broker, represented both the buyer and the seller in the off-market deal.
“USC continues its bullish outlook on the South Florida market,” said USC’s Founder and President Seth Weissman. “We are looking to double our Florida investments to $200 million over the next year. Low taxes and a pro-growth political climate continue to draw top talent from across the country.”