$4.3M Palm Beach County Mortgage With a 20-Year Term on a 12-Unit Rental Property

Palm Beach County itself is the mortgagee on this one. The county government recorded a $4,300,000 mortgage against a two-parcel, 12-unit rental property at 2651 2nd Avenue North, executed April 1, 2026 and recorded April 7 under document 121313. The recorded note runs twenty years, due April 1, 2046. No bank is involved; the only institution ever chartered under a similar name, Palm Beach County Bank, has been defunct since 2005.

The property is three single-story buildings totaling 12 units on roughly two thirds of an acre, zoned RM, with county-captured improvement dates of 1953 and a 1968 renovation. The mailing address says Lake Worth; the property appraiser places the parcel's jurisdiction in the Village of Palm Springs. Title is held by a private individual through a personal trust, and consistent with this site's rules the owner is not named. There is no branded operator and no published rents; this is anonymous naturally occurring affordable housing of the kind that rarely generates a paper trail beyond the county index.

A county is a political subdivision of Florida and categorically ineligible for CDFI certification under 12 CFR 1805.201, so this is public agency lending, full stop. Palm Beach County lends for housing through its Department of Housing and Economic Development, and its Housing Bond Loan Program, funded by the $200,000,000 general obligation housing bond that county voters approved in November 2022, publishes multifamily rental terms that match this instrument's recorded shape: a balloon due in twenty years, amortization up to fifty years, and eligibility for private for-profit borrowers, paired with a long affordability covenant. The recorded mortgage does not name the program, and this page does not assert it. What the record itself proves is narrower and still unusual: county government money, twenty-year paper, private individual borrower.

The debt history makes the scale jump visible. The only prior renderable instrument is a $292,500 adjustable-rate mortgage from Guaranty Bank & Trust recorded in 2005 on a thirty-year term. Twenty-one years later the same property carries $4,300,000 of county money. Whatever work or affordability commitment sits behind that number, the recorded file shows a small private rental property moving from small-balance bank debt to public program debt at fifteen times the balance.

Within LoanList's 26 tracked Palm Beach closings the loan sits 14th by amount, mid-pack in a market where the surrounding multifamily band came from CIBC Bank at $4,500,000 in Delray Beach, Capital Funding Financial at $3,956,000 in Highland Beach, and Walker & Dunlop at $3,237,000 in Jupiter. It is the only tracked closing in the market from a government lender.

The takeaway for owners of older small multifamily in Palm Beach County is direct: the county lends on properties like this, at durations conventional lenders do not write for small private landlords, and the borrower on this record is an individual, not an institution. Owners weighing a sale, a renovation, or a refinance of aging rental stock have a public counterparty in this market that most never consider.