A handful of real estate transactions have been closing during the coronavirus economic slowdown including $27 million in construction financing for a Boynton Beach mixed-use project.

The 16-acre Mainstreet at Boynton is underway on the northeast corner of West Boynton Beach Boulevard and Jog Road.

Developers Pebb Enterprises and Banyan Development, both based in Boca Raton, are developing Mainstreet with age-restricted residences and retail anchored by Sprouts Farmers Market Inc. at 6405 W. Boynton Beach Blvd.

New York-based M&T Bank, part of publicly traded bank holding company M&T Bank Corp., provided financing in the deal that closed April 22.

The healthy retail pre-leasing helped push the deal forward, said Pebb Enterprises president and CEO Ian Weiner.

The project is 85% pre-leased, which includes signed letters of intent with retailers and restaurants. Sprouts is set to take up 26,000 square feet, and another retailer just signed a 4,000-square-foot lease in the same building. The retail segment measures 68,000 square feet.

Tenant interest comes from the strong area demographics in the city of 78,000, Banyan principal Jason Sher said.

"The response from potential tenants has been tremendous," Sher said in a news release. "It speaks to the attractiveness of the development and strong demographics of the surrounding neighborhood."

The 117,000-square-foot residential portion of Mainstreet will be a 130-unit congregate living facility for residents 55 and older. A congregate living facility has activities and amenities that aim to bring together residents and create more of a community. There will be 158 beds.

Construction crews have cleared the site and are working on pad and utility work. Palm Beach County is conducting site inspections and permit processing during coronavirus.

Mainstreet is scheduled to be completed in the second quarter of 2021.