Retail Segment of Royal Palm Beach Development Secures $18M Refi
Miami-based Aztec Group negotiated the loan on behalf of the Tuttle Royale master developer.
A sprawling mixed-use development in Palm Beach County got an $18 million boost with help from a Miami-based real estate real estate investor and merchant bank.
The 200-acre Tuttle Royale is to rise in Royal Palm Beach, and Aztec Group Inc. secured the refinancing for a 39-acre retail segment.
Aztec senior managing director Howard Taft and executive vice president Charles Penan arranged the loan on behalf of developer Tuttle Land Development based in Hillsboro Beach.
Toronto-based Romspen Investment Corp., a big alternative mortgage lender in Canada, was the lender on the deal that closed Feb. 27.
More than 150,000 residents live within a five-mile radius of the development on the southwest corner of Southern Boulevard and U.S. 441.
“Desirable market fundamentals coupled with the borrower’s unique business plan helped us to secure very favorable financing terms for our client,” Taft said.
Tuttle Royale ultimately will include 1,100 apartments and 500,000 square feet of commercial development, including medical offices, retail with a grocery store and a bank, a 100-key hotel, a preschool and a 1,500-student charter school.
The $18 million refinances a pre-development loan that is to be paid off by a future construction loan, which is to be obtained once retail pre-leasing and building permits are secured.
Tuttle Land Development is led by CEO Brian Tuttle and co-president Michael Tuttle. Tuttle Land Development is the master developer and is working with others building parts of the project.
The Related Group completed the 392-unit Town Southern apartment complex on 29 acres at 11020 Town Circle. Amenities include a lake, volleyball and tennis courts, putting greens, bocce ball courts and pool.
Florida Crystals is to start construction this year on its Tuttle Royale apartment project.