Royal Palm Companies Secures $77M Construction Loan for Multifamily Project

Royal Palm Companies secured a $76.5 million construction loan to finance the completion of Elevate Apartments, a 293-unit, eight-story multifamily property located at 560 E. Dania Beach Blvd. in Dania Beach, FL. The project, which broke ground in Q4 2021, is approximately 45% finished and is expected to be completed in November 2023. The loan, originated by 3650 REIT’s Bridge and Event Driven platform, carries a term of 36 months. Royal Palm, led by CEO Dan Kodsi is partnered with developer Rafael Pecchio on the project.

Elevate Apartments will include gated parking, a resort-style swimming pool facing a nature preserve, a dog park, a fitness center, a 2,300-square-foot business center and resident coworking space, an Uber pick-up/drop-off lounge and electric car charging stations. The property is approximately 1.5 miles from the nearest public beach, and abuts a 1,500-acre nature preserve with multiple recreational attractions, including walking and paddling trails. Many of Elevate Apartments’ units will feature ocean and nature preserve views.  The property is close to dining, entertainment and major employment centers. It lies within a six-minute drive of Dania Pointe, a 102-acre, mixed-use development with retail, lifestyle, dining and entertainment tenants as well as the future home of Spirit Airlines’ headquarters, and also provides easy access to Fort Lauderdale-Hollywood International Airport and Interstate 95.

The loan was arranged by Managing Director Kevin M. O’Grady of Concord Summit Capital.