Royal Palm has received a $ 64.7 million construction loan for a planned 293-unit condominium project in Denmark Beach.
A Miami-based developer bought a vacant 4.1 acre property for $ 8 million in June.
According to a press release, he plans to build Elevate Apartments at 600 East Dania Beach Boulevard. Funding provided by Trez Capital. The loan was initiated by Ben Jacobson of Trez.
According to the announcement, Elevate Apartments will include apartments ranging from studios to one-bedroom, ranging from 700 to 1,000 square feet. Amenities will include a poolside terrace, gym and storage for water sports equipment.
According to the Royal Palm website, led by CEO Dan Codsey, Royal Palm’s $ 3.5 billion portfolio includes mixed, multi-unit, condominiums and planned residential areas. In total, Royal Palm has developed or repositioned over 6,000 units in 50 projects in Florida.
Royal Palm bought 1.5 acres in December Miami World Center multifunctional project in the city center for USD 33.9 million USA with plans to build Legacy Hotel & Residences. The 50-storey tower will house a hotel with 256 rooms under 274 branded residences.
Trez Capital, led by Morley Greene, is a real estate investor and provider of private debt in commercial real estate and equity finance, according to its website, with more than $ 3.9 billion in assets under management. He has offices in Canada and the United States.
Denmark Beach, a coastal town north of Fort Lauderdale, is undergoing some renovation with several projects on the rise. Real estate companies received $ 55.5 million USA a loan for the construction in February of an eight-story Soleste Cityline building with 340 apartment buildings and shops.