Royal Palm Companies Obtains $77 Million Loan for Multifamily Project in Dania Beach
The property is expected to deliver in November 2023
Royal Palm Companies secured a $77 million construction loan to finalize the building of an eight-story multifamily property in Dania Beach. Once complete, Elevate Apartments will boast 293 apartments featuring a resort-style swimming pool, dog park, fitness center, business center, resident coworking space, and a rideshare pick-up and drop-off lounge.
Royal Palm Companies is partnering with developer Rafael Pecchio on the project. Elevate Apartments will have studio, one- and two-bedroom units ranging in size from 700 to 1,000 square feet, with ocean and nature preserve views. The 560 E. Dania Beach Blvd. property broke ground in the fourth quarter of 2021 and is approximately 45% completed.
3650 REIT provided the financing, which will go towards the completion of the project. The loan was originated by 3650’s Bridge and Event Driven platform and carries a term of 36 months. Kevin O’Grady, managing director of Concord Summit Capital, arranged it.
Royal Palm Companies has developed or repositioned more than 6,000 units across 50 projects in Florida and has a $3.5 billion portfolio.
Photo courtesy of Royal Palm Companies