Tortoise Properties nabs $89M construction loan for downtown West Palm apartments

Pair of eight-story buildings will be latest project in quickly redeveloping area

Tortoise Properties scored an $88.5 million construction loan for a multifamily project in downtown West Palm Beach.

The real estate investment firm plans a pair of eight-story buildings with 264 units at 740 and 840 North Dixie Highway, according to Tortoise’s news release. Larkspur, California-based Acore Capital is the lender.

Tortoise obtained the development permits and approvals from the city soon after buying the 2.5-acre vacant site in December for $18.8 million. The property is on both the north and south sides of Eucalyptus Street.

The MSA Architects-designed project will have 371 parking spaces and more than 3,400 square feet of retail fronting Dixie Highway, according to the release. An overpass with floor-to-ceiling glass windows will connect the two apartment buildings across Eucalyptus Street. The project will offer studios, and one- and two-bedroom apartments.

The Real Deal Article: Tortoise Properties Nabs Construction Loan For WPB Rentals (therealdeal.com)