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Florida & Gulf Coast  + South Florida  + Finance  |  October 19, 2022
Aztec Group has closed a $35.5 million loan to refinance the Main Street at Tuttle Royale development in Royal Palm Beach, FL.
Lisa McDuffie
By: Lisa McDuffie

Aztec Group Organizes $36M Refi for 41-Acre Development in Royal Palm Beach

Aztec Group has closed a $35.5 million loan to refinance the Main Street at Tuttle Royale, a 41-acre mixed-use development in Royal Palm Beach, FL.

Howard Taft and Charles Penan of Aztez Group arranged the loan facility, which replaces a $25.5-million loan previously arranged by Aztec Group.

Aztec Group has represented the borrower, Tuttle Land Development, over the last ten years and has arranged acquisitions financing in multiple phases. Tuttle has bought, entitled and developed more than 10,000 acres of land and more than 5,000 residential lots in Palm Beach, Broward, Martin and Orlando with gross sales exceeding $1 billion.

Tuttle Royale is a 200-acre master-planned community that will consist of 1,100 rental apartments and 500,000 square feet of mixed-use development including medical offices, a charter school and a community park. Tuttle Royale will also feature a 400,000-square-foot lifestyle center with restaurants, 100-key hotel, preschool, bank and grocery store.

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The Aztec Group

About Lisa McDuffie

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.
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