Gatsby Florida Inks $118.6M Construction Loan for Palm Beach Gardens Offices, Retail

Berkadia arranged a $118.6 million loan on behalf of Gatsby Florida for the construction of The Palm, Palm Beach Gardens. 

Upon completion in 2028, the eight-story, 200,000-square-foot development will deliver office and retail space to the PGA corridor in northern Palm Beach County. Construction is scheduled to begin soon. 

The Berkadia team was led by Charles Foschini, Scott Wadler and Shannon Wilson, who secured the three-year, floating-rate, interest-only construction loan through Cirrus Real Estate Partners. 

Located at 11200 RCA Center Drive, The Palm, Palm Beach Gardens, will feature over 200,000 square feet of Class A office space. The development will also include approximately 30,000 square feet of ground-floor retail and restaurant space, an 838-space structured parking garage with EV charging stations, a rooftop terrace, conference facilities, and a fitness center. 

The Palm, Palm Beach Gardens, will be the second asset in Gatsby Florida’s portfolio, joining the fully leased and recently refinanced DiVosta Towers.