A planned Dania Beach multifamily project got a construction boost after developer Royal Palm Companies secured a $76.5 million loan.
3650 REIT provided the financing for Royal Palm’s Elevate Apartments, an eight-story rental building with 293 units under development at 600 East Dania Beach Boulevard, records show. The mortgage replaces a $64.7 million construction loan the developer obtained from Trez Capital last year.
Kevin O’Grady with Concord Summit Capital arranged the 3650 loan, according to a press release.
Royal Palm, a Miami-based development firm led by CEO Dan Kodsi, broke ground on the project in November of last year, six months after paying $8 million for the 4.1-acre site, records show. Elevate Apartments is expected to be completed in the third quarter of next year, the release states.
The building will be a mix of studios, one- and two-bedroom apartments, ranging from 700 square feet to 1,000 square feet.
Royal Palm has developed or repositioned 50 projects with more than 6,000 residential units in Florida, according to its website. The company’s $3.5 billion portfolio consists of mixed-use, multifamily, condominium and planned residential communities.
In February, the firm paid $39.1 million for a 9.6-acre development site in Aventura. Royal Palm plans to build a mixed-use project with offices, apartments and a retail component. Last year, Aventura city commissioners approved a zoning change for the property that allows for a 693-unit high-rise apartment project; a 120-key hotel; 67,743 square feet of offices; 161,270 square feet of retail; and a 120-bed assisted-living facility. However, Royal Palm has not released details about its proposed development.
In July, Royal Palm and its partner, Boca Raton-based Forest Development, secured a $269 million construction loan for Nautilus 220, a 330-unit condominium project with two towers in Palm Beach County’s Lake Park. Since launching sales last year, Nautilus 220 is more than 60 percent sold, according to another press release.