Jumbo Lending in Palm Beach County Warmed Up Last Month

By Staff, The Real Deal South Florida Real Estate News

Law firm survey shows rise in mortgages over $1 million from January to February

Lenders last month closed 62 mortgage loans over $1 million on property in Palm Beach County, up from 48 in January, according to a survey by Rabideau Law, a real estate law firm with offices in Palm Beach and Toronto,

But in the six months ended in February, the number of $1 million-plus Palm Beach County mortgage closings dropped to 320 from 345 in the prior six months.

The law firm also reported Palm Beach County mortgages over $1 million totaled $608.6 million in the September-February period, down from $751.1 million in the prior six-month period.

Rabideau Law reported that City National Bank’s $8.9 million loan to Penelope F. Antonini was the largest residential mortgage originated in Palm Beach County last month.

The Rabideau survey also showed that the largest Palm Beach County commercial mortgage loan in February was from Jackson National Life Insurance Co. to PRCP Abacoa Investment LLC, in the amount of $26.3 million.

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