Home Loans Over $1M Rise in Palm Beach County

By Staff, The Real Deal South Florida Real Estate News

Rabideau Law Firm: Home loans in the county over $1 million increased at annual 21% clip

The number of residential mortgage loans for more than $1 million in Palm Beach County increased 21 percent in the 12 months end in March, according to Rabideau Law, with offices in Palm Beach and Toronto.

The law firm reported that the number of $1 million-plus mortgage closings in Palm Beach County grew to 681 in the 12 months ended in March from 563 in the prior comparable period.

Rabideau said in its monthly report on mortgage lending in the county that the biggest residential mortgage in March was an $8.5 million loan to James M. Engel from JPMorgan Chase Bank NA. The second largest residential mortgage in March from Northern Trust Company to Peter J. Wood and amounted to $8 million.

Other top-five residential mortgages closed in March included a $6.5 million loan to Patrick M. Park from Malvern Federal Savings Bank, $6.4 million to Donald S. Uderitz from Bank of America NA, and $5.9 million to Stephen Corcoran Smith from Sabadell United Bank NA.

Rabideau also reported that the largest commercial mortgage in March was a $56.8 million loan to 515 N Flagler Drive Owner LLC.

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