Royal Palm Cos. scores $65M construction loan for Dania Beach multifamily
293-unit project will rise on 4 acres of vacant land
UPDATE, July 9, 9:40 a.m.: Royal Palm Companies secured a $64.7 million construction loan for its planned 293-unit Dania Beach multifamily project.
The Miami-based developer had bought the 4.1-acre vacant property for $8 million in June.
Royal Palm, in partnership with developer Rafael Pecchio, plans to build Elevate Apartments at 600 East Dania Beach Boulevard, according to a news release. Trez Capital provided the financing. Trez’s Ben Jacobson originated the loan.
Elevate Apartments will include studio- through two-bedroom units, from 700 to 1,000 square feet, according to the release. The amenities will include a pool deck, gym and storage for water sports equipment.
Led by CEO Dan Kodsi, Royal Palm’s $3.5 billion portfolio includes mixed-use, multifamily, condominium and planned residential communities, according to its website. In total, Royal Palm has developed or repositioned more than 6,000 units across 50 projects in Florida.
In December, Royal Palm bought a 1.5-acre piece of the Miami Worldcenter mixed-use project in downtown for $33.9 million with plans to build Legacy Hotel & Residences. The 50-story tower will have a 256-key hotel beneath 274 branded residences.
Trez Capital, led by Morley Greene, is a real estate investor and provider of private commercial real estate debt and equity financing, with more than $3.9 billion in assets under management, according to its website. It has offices across Canada and the U.S.
Dania Beach, a coastal city north of Fort Lauderdale, is experiencing some redevelopment with several projects on the rise. Estate Companies scored a $55.5 million construction loan in February for the eight-story Soleste Cityline with 340 multifamily units and retail.