Estates Cos. Lands $73M Construction Loan for Luxury Rental in West Palm
By Julia Echikson July 31, 2024 12:23 pm
reprints
The Estate Companies landed a $72.5 million construction loan for a luxury rental complex in Downtown West Palm Beach, Fla., the Miami-based developer announced.
The debt from Synovus Bank will go toward Soleste Palm Station, a 321-unit development with two eight-story buildings. The 298,371-square-foot project will rise at 520 North Rosemary Avenue, just west of the Brightline rail line and across the street from a Salvation Army thrift store.
“Soleste Palm Station serves as the gateway to the expansion of the north downtown area and is integral to the ongoing revitalization taking place along the historic Rosemary Avenue corridor,” Carlos Lopez, CFO of The Estate Companies, said in a statement.
Since the pandemic, demand for luxury rentals in West Palm Beach has risen as high-powered companies, such as Goldman Sachs and Elliot Management, opened offices, bringing their high-earning employees in tow. This year, Related Companies completed The Laurel luxury rental development within nearby CityPlace, a mixed-use development.
Construction for Soleste is expected to begin in the fourth quarter of 2024. The Estate Companies purchased the 2.5-acre site for $15.8 million three years ago. Last year, West Palm Beach officials approved the project, where apartments will range from 330 to 1,265 square feet.
The Estate Companies, led by Jeffrey Ardizon, is one of the most prolific developers in South Florida with 4,000 rental units in the pipeline.
Julia Echikson can be reached at jechikson@commercialobserver.com.
