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Estate lands $73M construction loan for West Palm rental complex, amid record multifamily pipeline
Project plans for pair of 8-story buildings with 321 units
A photo illustration of Estate Companies Principal Jeffrey Ardizon and Managing Principal Robert Suris along with a rendering of Soleste Palm Station (Getty, Estate Companies, BC Architects)
Social: As South Florida is experiencing a near-record multifamily construction pipeline, Estate Companies scored a $73M loan to build a 321-unit complex in downtown West Palm Beach.
Estate Companies landed a $72.5 million construction loan for a 321-unit apartment complex in downtown West Palm Beach.
The financing for the planned complex comes as South Florida is experiencing a near-record multifamily construction pipeline.
South Miami-based Estate will start building a pair of eight-story buildings at 520 North Rosemary Avenue in the fourth quarter, according to the developer’s press release. Synovus Bank is the lender of the construction financing.
The project will be called Soleste Palm Station, a nod to its proximity to the Brightline passenger train station in downtown West Palm. It will offer studios, as well as one-bedroom to three-bedroom units, ranging from 330 square feet to 1,265 square feet.
Led by Robert Suris and Jeffrey Ardizon, Estate paid $15.8 million for the 2.5-acre development site in 2021. Last year, the West Palm Beach Downtown Action Committee gave final approval to move forward.
The project marks Estate’s first multifamily development in Palm Beach County, though the firm previously has developed townhouses and single-family homes in West Palm.
Estate is a prolific multifamily developer, completing most of its projects in Miami-Dade County and expanding to Broward and Palm Beach counties in recent years. It recently completed projects that include the eight-story, 340-unit Soleste SeaSide at 4 North Federal Highway in Dania Beach; and the 23-story, 367-unit Soleste NoMi Beach at 16395 Biscayne Boulevard in North Miami Beach.
South Florida developers jumped on building multifamily after an unprecedented influx of residents from out of state led by high demand and record rental increase over the past four years. As of the second quarter, more than 40,700 units were under construction across South Florida, according to CoStar Group. That’s just shy of the 42,500 units that were under construction in 2022, a record since at least 2006.
The pipeline, however, has tempered demand and rents have plateaued, and some data show rents are actually declining.
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