The Real Deal Miami

West Palm apartment community nears completion

Cypress Real Estate Advisors took out $35M construction loan in August

August 11, 2015 03:45PM
By Sean Stewart-Muniz

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A rendering of the upcoming Loftin Place apartment community in West Palm Beach

A rendering of the upcoming Loftin Place apartment community in West Palm Beach

Loftin Place, a rental community in West Palm Beach, has begun pre-leasing as it approaches its December completion date.

The development is a collection of 259 rental apartments housed in a mid-rise building at 805 North Olive Avenue. It’s being developed by Cypress Real Estate Advisors, a Texas-based real estate investment and development company.

Cypress expects the first move-ins to begin in October of this year. Units in the building will range in size from 578 square feet to 1,050 square feet. Their finishes will include quartz countertops, wood flooring, stainless steel appliances and private balconies.

Loftin will also feature a fitness center, conference room, resort-style pool, rooftop running track, tennis courts and grilling stations. Greystar, a real estate company headquartered in South Carolina, will manage the complex.

In 2006, Cypress paid $13 million to acquire 13 parcels from an eclectic mix of companies and trusts, according to Palm Beach County property records. Cypress had taken out a $6.5 million mortgage on the properties a few months after the sale to begin construction work, according to loan documents from Amegy Bank. The property was divided by Seventh Street, but West Palm Beach commissioners granted the developers the section of roadway in exchange for $485,000.

Chain link fences went up around the property in late 2013, and the company began demolishing the existing commercial building a few months later, according to county records. Cypress satisfied their mortgage with Amegy in early 2014.

Nader Salour of Cypress Real Estate Advisors

Nader Salour of Cypress Real Estate Advisors

The real work began in August 2014, when demolition wrapped up and Cypress replatted the parcels into one contiguous lot. The developer took out a $35 million construction loan from Compass Bank and began building the apartments.

“We’re delighted to bring a first-class apartment development to West Palm Beach,” said Nader Salour, president of Cypress Realty of Florida, in a statement. “Loftin Place has a modern take on a classic design complete with the latest amenities, controlled access and personalized service from our on-site management team.”

Cypress also owns another property across the street at 375 Eucalyptus Street. In county documents, construction work for Loftin Place was called “phase 1” hinting that Cypress could construct a second building next door.