This Week's South Florida Deal Sheet: Savanna Lands $380M For West Palm Beach Condos
New York-based developer Savanna secured $380M in construction financing for an upcoming luxury residential development in West Palm Beach.
Zeckendorf Development, Sculptor Real Estate, One Investment Management and Octo Capital provided the financing for the luxury condo and apartment development, named Olara, according to a release.
Zeckendorf was behind some of NYC's most prominent condo projects over the past few decades, while One IM is the firm run by former SoftBank Vision Fund leader Rajeev Misra and backed by Middle Eastern wealth funds.
The 26-story tower at 1919 N. Flagler Drive, designed by Arquitectonica's Bernardo Fort-Brescia, will feature 287 condominiums and 170 apartments, a spokesperson for Savanna told Bisnow.
The project will have a 13K SF fitness center and other amenities such as a Japanese-style onsen, sauna, cold plunge and more. Residents will also have access to medical professionals through a partnership with New York-based Sollis Health.
Units range from two to four bedrooms, spanning 1,500 to 4,200 SF, with prices starting at $2M and reaching $10M. Douglas Elliman is leading sales, which launched in 2023. Construction, led by Gilbane Building Co. and SavCon, began in August and is expected to be completed by late 2027 or early 2028.
FINANCING
Boca Raton-based Lotis Group landed a $28.3M construction loan from Coral Gables-based Amerant Bank for a piece of its 64-acre mixed-use development Lotis Wellington, according to a release.
The loan funds the construction of The Square at Lotis Wellington, part of a two-phase development, with 372 rental units, 13K SF of offices, 60K SF of medical offices, 54K SF of retail and an 18-acre lake.
The developer landed a $44M loan for the first phase of construction last year, refinancing a $24M loan it secured in 2022, The Real Deal reported at the time. Miami-based Aztec Group facilitated the financing.
***
Terra and Russell Galbut secured a $103.2M inventory loan from Apollo Global Management for their recently completed Five Park high-rise condo tower in South Beach, Commercial Observer reported.
The joint venture completed construction in December for the 48-story tower, and with 90% of the 227 condos at 500 Alton Road already sold, the financing is expected to aid in the final phase of the sales campaign.
CONSTRUCTION AND DEVELOPMENT
Lefferts has completed its 72 Park condo tower in North Beach, according to a release.
The New York-based developer has secured the temporary occupancy certificate for the 22-story building, which has sold 90% of its 266 units. Remaining units at 580 72nd St. are priced starting at $800K. The building features 206 condos with short-term rental flexibility, a 360-degree rooftop sundeck, a 35K SF amenity deck and 326 parking spaces.
SALES
Maryland-based FCP and Denver-based BMC Investments acquired the Arium Sunrise apartment complex from The RMR Group and Pacific Coast Capital Partners for $90M, according to a release.
Located at 1501 NW 124th Terrace in the Sawgrass Mills area, the complex consists of 400 units spread across 20 three-story buildings and a single-story clubhouse built in 1997. It is 94% occupied.
Wells Fargo provided $74M in acquisition financing, set to mature in 2027, according to records from Vizzda. RMR and PCCP originally purchased the property in 2019 for $86.7M. BMC and FCP plan to renovate 32 units.
***
An entity linked to The Kolter Group acquired land in Palm Beach County from entities tracing to John and Robin Fleming for $66.7M, according to records provided by Vizzda.
Kolter purchased 50 neighboring acres for $8M in January, bringing the total purchase of the development site to $74.8M. The almost 400-acre property has proposals for 534 residential units, 480 single-family homes and 54 workforce housing townhomes, 23,500 SF of commercial space and 23,500 SF of office.
***
TT of Jennings Inc., an entity tied to billionaire Terry Taylor, sold two auto dealerships in Palm Beach County for a total of $30.5M, according to records provided by Vizzda.
The buyer, an entity affiliated with Krause Auto Group, purchased the 145K SF Greenacres Nissan dealership and the I-95 Nissan dealership.
Greenacres was built in 2017 at 5353 Lake Worth Road and consists of a one-story showroom and auto repair building with a three-story parking garage. It sold for $17.5M. The second property, at 3870 W. Blue Heron Blvd., sold for $13M. The 47K SF auto dealership has two buildings built in 2005. The sale was financed with a $13.4M mortgage from Bank of America.
***
DGR 1900 Holdings LLC sold two multitenant office condos in the Wynwood Sky Office building for a total of $23.5M to affiliates of Juan Giraldo, according to property records provided by Vizzda.
Giraldo purchased the second- and third-floor units of the building, totaling 43K SF with 11 tenants. The building, built in 1923 and renovated in 2023, consists of three condos, according to Vizzda. The deal was brokered by Jason Abitbol from Apex Capital Realty and DwnTwn Realty Advisors’ Devlin Marinoff and Tony Arellano.
***
An entity tracing to East Capital Partners purchased a 60K SF warehouse built in 1987 for $13M from an affiliate of Realterm, according to property records provided by Vizzda.
Aetna Life Insurance Co. funded the purchase with an $8.2M loan. The property at 2000 Avenue P in Riviera Beach has 24 dock doors and five grade doors. The facility is 100% leased to 12 tenants, according to a release.
CBRE's José Lobón, Trey Barry, Frank Fallon, Royce Rose, George Fallon, Gabriel Braun and Daniel Sarmiento represented Realterm in the transaction.
LEASES
Chicago-based convenience store Go Grocer leased 2,540 SF on the ground floor of Motif at Flagler Village in Fort Lauderdale, a mixed-use development at 500 N. Andrews Ave., according to a release.
The store will offer in-person shopping and delivery through its app. Motif features 385 residential units and 23K SF of ground-floor retail and restaurant space.
Native Realty represented both parties in the lease, with CEO Jaime Sturgis and Chief Operating Officer Kaley Tunig representing the landlord, Motif Apartments LLC, while Sarah and Jeremiah Adler represented Go Grocer.
