Developer Brian Tuttle scores loan for 100-acre site near Royal Palm Beach

Miami /
Jul.July 24, 2018 04:30 PM

Charles Penan and Howard Taft

Developer Brian Tuttle just closed on a $14.7 million loan for the 100-acre portion of a planned, mixed-use project near Royal Palm Beach.

The land sits just south of Southern Boulevard and west of State Road 441, and doubles Tuttle’s assemblage in the area to 200 acres.

Lion Financial provided the loan, according to Howard Taft and Charles Penan of Aztec Group, who arranged the financing.

Tuttle, president and owner of Tuttle Land Development, has been assembling land for a master-planned community just outside of Royal Palm Beach since 2014, Taft said. His company acquired the land from at least five landowners and assumed some of their mortgages.

The development, called Tuttle Royale, calls for 1,100 apartments; 500,000 square feet of commercial space, including medical offices and a 1,500-student charter school; and a 400,000-square-foot lifestyle and activity center with a 100-key hotel, restaurant space and fitness amenities.

The Related Group paid $12.5 million for the site of first phase of apartments at the community in 2016.

In 2016, Tuttle Land Development sold a 200-acre site in Parkland where the Four Seasons at Parkland now stands. The firm is currently rezoning an adjacent 26 acres to allow for the construction of up to 79 single-family homes for buyers ages 55 and up.

The Tuttle family has bought, entitled and developed more than 10,000 acres of land and over 5,000 residential lots in the Palm Beach, Broward, Martin and the Orlando, according to a press release.


Related Articles

arrow_forward_ios
Nick Rojo and Jeff Burns (Affiliated, iStock)

Affiliated Development launches $125M workforce housing fund

Affiliated Development launches $125M workforce housing fund
Tom Cabrerizo and 6790-6880 Southwest 80th Street (Google Maps)

Developers score $15M construction loan for Miami townhouse development

Developers score $15M construction loan for Miami townhouse development
Triton Center (iStock)

Questions surround $50M in EB-5 investments tied to former INS building: lawsuit

Questions surround $50M in EB-5 investments tied to former INS building: lawsuit
Michael S. Liebowitz and Russell Galbut (Linkedin)

Russell Galbut and partner launch blank check company, plan to raise $100M

Russell Galbut and partner launch blank check company, plan to raise $100M
Southland Mall, 20505 South Dixie Highway in Cutler Bay with JLL's Tom Hall and Danny Finkle (Google Maps, JLL)

Southland Mall’s troubled $65M CMBS loan for sale

Southland Mall’s troubled $65M CMBS loan for sale
Alan Ojeda and 8894 NW 44 Street in Sunrise (Google Maps)

Rilea Group scores $46M construction loan for Sunrise apartments

Rilea Group scores $46M construction loan for Sunrise apartments
Yard 8 and Wood Partners CEO Joseph Keough (Courtesy of ACRE)

Wood Partners lands $86M refi for Midtown Miami apartments

Wood Partners lands $86M refi for Midtown Miami apartments
Prentis Wilson and 1880 Sabal Palm Circle (Realtor)

Proceed to checkout: Former Amazon exec pays $5M for Boca Raton mansion

Proceed to checkout: Former Amazon exec pays $5M for Boca Raton mansion
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...