Acore Shells Out $89M for Tortoise to Build Residential Complex in WPB
Tortoise Properties, LLC, has secured a $88.5 million construction loan and will begin a mixed-use residential development in downtown West Palm Beach, FL.
Lending was provided by Acore Capital for the development of two eight-story towers on 2.5 acres at 740 and 840 North Dixie Highway that will be connected by a floor-to-ceiling glass skybridge suspended over Eucalyptus Street. The Class A community will feature 264 studio, one and two-bedroom residences with 3,400 square feet of retail frontage on Dixie Highway and 371 parking spaces.
“We are especially pleased to have secured our construction loan with Acore during a rising interest-rate market and a recession-weary commercial lending environment,” said Jake Geleerd, Tortoise Properties president, CEO and co-founder.
The project team includes MSA Architects, Verdex Construction, EDSA, Hensel Phelps, Keshavarz & Associates, McNamara Salvia, WGI, Castle Residential and Managed Land Entitlements.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.