Cohen Brothers Lands $385M Loan for West Palm Point Tower

Charles Cohen’s Cohen Brothers Realty has secured a $385 million construction loan for West Palm Point, the downtown West Palm Beach office tower that spent much of 2025 tangled in a foreclosure fight, The Real Deal reported October 29. The financing clears the way for work to start on the 2.4 acre site at 850 South Quadrille Boulevard, which Cohen Brothers has held under a long term ground lease from the West Palm Beach Community Redevelopment Agency since 2020.

Why it matters

The loan answers the question that has hung over this site since September 2025, when Union Labor Life Insurance Company filed to foreclose over a $10 million loan tied to the property. That suit was dismissed weeks later, and Cohen Brothers said in July it was restarting the project, but a restart announcement and a signed construction loan are different commitments. A $385 million facility is sized for a full office tower, not a trimmed down version of the plan, and it comes as Cohen Brothers has spent the past two years working through roughly $1 billion in defaults across its New York and Florida holdings.

The numbers

The $385 million loan dwarfs the $10 million debt that triggered last year’s foreclosure complaint on the same 2.4 acre parcel. Cohen Brothers has controlled the site since 2020 under a ground lease from the city’s redevelopment agency, and the company restarted planning work this past July once the foreclosure suit was off the table.

What’s next

The Real Deal’s report did not name the construction lender, and Cohen Brothers has not published a groundbreaking date. A mortgage recording naming the lender should surface in Palm Beach County public records once the loan closes, and that filing will be the next hard confirmation point. The project also lands in a crowded West Palm Beach office and tower pipeline: Related Ross closed a $772 million construction loan in December for towers nearby, and the developers of the Olara project landed a $380 million construction loan in March. For more on financing and development activity across the region, see South Florida.