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Royal Palm Companies has a secured a $76.5 million construction loan from 3650 REIT to build Elevate Apartments in Dania Beach, FL.

Royal Palm Companies Locks Down $77M Build Loan for Dania Beach Multifamily

Miami-FL, based commercial real estate developer Royal Palm Companies has a secured a $76.5 million construction loan from 3650 REIT to finance the completion of Elevate Apartments, a 293-unit, eight-story multifamily property located in Dania Beach, FL. The company is partnering with developer Rafael Pecchio on the project.

The loan was arranged by by Kevin O’Grady of Concord Summit Capital and originated by 3650 REIT’s bridge and event driven platform.

Elevate Apartments, located at 560 E. Dania Beach Boulevard, is situated about 1.5 miles from the nearest public beach and abuts a 1,500-acre nature preserve with recreational offerings.

The property will have studio, one- and two-bedroom units, many with ocean and nature preserve views. Amenities will include pool, dog park, fitness center, business center, coworking space and rideshare pick-up and drop-off lounge.

Royal Palm Companies has developed or repositioned more than 6,000 units across 50 projects in FL and has a $3.5 billion portfolio.

Photo courtesy Royal Palm Companies

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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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