Real Estate
Home›Real Estate›Commercial›Gatsby Florida secures $118.6M loan for Palm Beach Gar…
Gatsby Florida secures $118.6M loan for Palm Beach Gardens office project
The eight-story complex, called The Palm, is planned to deliver about 200,000 square feet of Class A office space plus 30,000 square feet of ground-floor retail.
Gatsby Florida has secured an $118.6 million loan from Cirrus Real Estate Partners to build a speculative luxury office complex in Palm Beach Gardens, Florida, Commercial Observer reports.
The eight-story development, called The Palm, will include about 200,000 square feet of Class A office space, about 30,000 square feet of ground-floor retail, and an 838-space parking garage at 11200 RCA Center Drive near State Road 811.
Berkadia brokered the three-year, floating-rate, interest-only debt, with construction starting this month and completion targeted for 2028.
Commercial Observer adds that Gatsby Florida purchased the 5-acre parcel for $17.5 million in 2022, and as of now, The Palm has no tenants signed.