Savanna landed $380 million in construction financing for its Olara waterfront project in West Palm Beach.  The financing is made up of a consortium including One Investment Management, Sculptor Real Estate, Octo Capital and Zeckendorf Development. A Newmark team led by Adam Spies, Adam Doneger and Nick Scribani represented Savanna in this transaction.

Olara contains a 26-story tower designed by Bernardo Fort-Brescia, founder of Arquitectonica. The condominium, at 1919 N. Flagler Drive, will feature approximately 287 private condominium residences and a private, sixth-floor suite of indoor and outdoor amenity spaces. Gilbane Building Company and SavCon are leading construction, which is currently underway. The loan will not fund the construction of a 170-unit apartment project the company is building in an adjacent tower.

Amenities include a 13,000-square-foot fitness center, two swimming pools and a spa. Residents have access to a private dock with direct water access.

Savanna, founded in 1992, is a vertically integrated real estate investment manager.