Tortoise Properties Secures $88M Loan for West Palm Beach Development
Acore Capital provided an $88.5 million construction loan to Tortoise Properties for a luxury housing and retail development in West Palm Beach.
Tortoise plans to build two eight-story towers across Eucalyptus Street from each other at 740 and 840 North Dixie Highway. A skybridge will link the two towers, which will comprise 264 units of studio, one- and two-bedroom apartments, according to Tortoise Properties.
Together, the two properties span 2.5 acres that Tortoise purchased for $18.8 million in December 2021, according to Palm Beach County records. The previous owners had purchased the land for $3.2 million in June 2020.
Tortoise Properties CEO Jake Geleerd said in a statement that the firm had obtained all the necessary permits ahead of securing the loan, which comes as interest rate hikes loom over the lending industry.
“This loan propels this mixed-use development forward in a fundamentally strong market,” Geleerd said in the prepared statement.
Tortoise Properties’ portfolio consists of mixed-use properties not only in South Florida but also in Chicago and Toronto, Canada. They include the Jupiter Innovation Center in Jupiter, Fla. and Burnham Pointe in Chicago’s South Loop.
“We very much believe in the South Florida market, and particularly West Palm Beach,” Tony Fineman, senior managing director for Acore, said in a statement. “Tortoise Properties is a strong and experienced developer, and we look forward to watching the progress of the development and seeing the final product.”
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