Lynd Lands $133M to Refi New Rental Community in South Florida

The Lynd Group has refinanced a newly completed garden-style multifamily property in Palm Beach County with $132.5 million from MF1 Capital, the developer announced. 

The bridge loan will retire a $126 million construction loan for the Villas at Tuttle Royale, which S3 Capital issued in 2023. In the first quarter of this year, the Lynd Group completed the 401-unit property, which cost $170 million to develop and is 35 percent leased, with rents averaging $2,900. 

The Villas at Tuttle Royale is part of Tuttle Royale, a 200-acre master-planned project near U.S. 98 and U.S. 441 in Royal Palm Beach, spearheaded by Brian Tuttle. The Villas component, which spans nearly 30 acres at 11200 Nicole Drive, consists of 26 three-story buildings with private detached garages and carports as well as 55 townhomes with private two-car garages. 

“Securing over $132 million in debt on the property underscores the confidence top-tier lenders have in our vision and execution,” Adam David Lynd, CEO of the Lynd Group, said in a statement. 

But other parts of the development have hit a snag. Last year, Tuttle Royal Lender LLC filed a  $38.4 million foreclosure lawsuit against developer the Main Street at Tuttle mixed-use project and Brian Tuttle, who previously specialized in assembling land, according to the South Florida Business Journal. 

The 38-acre site, which remains vacant, is approved to house 400,000 square feet of retail space, a 125-room hotel, and 82,875 square feet of medical office space.

Julia Echikson can be reached at jechikson@commercialobserver.com.