Urban Standard Capital, a fully integrated real estate private equity firm based in New York, has provided a $26.4 million acquisition loan to the buyer who purchased a spectacular beachfront resort in Palm Beach for $48.9 million.
This recent Urban Standard Capital loan on the Palm Beach mansion brings USC to more than $100 million in loans just in Florida in the past year since entering 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 co-founder and partner of Cressey & Company, a Chicago-based private investment firm specializing in healthcare businesses. 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 has nearly tripled in value since the Cresseys bought it in 2014 for $16.3 million, records show. The Plantation-style home sits on 1.8 acres and was built in 2010 by then-owners Donna and Rodney Ward.Laurent Moensa Palm Beach real estate broker, represented both buyer and seller in the off-market transaction.
“USC continues its bullish outlook in the South Florida market,” said USC founder and president Seth Weissman. “We are looking to double our investments in Florida to $200 million over the next year. Low taxes and a pro-growth political climate continue to attract top talent from across the country.
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