New York-based developer Savanna obtained a $380 million loan for a residential project it’s building in West Palm Beach, Florida.
The financing was provided by a consortium of lenders including One Investment Management, Sculptor Capital Management Inc., Octo Capital Management and Zeckendorf Development, according to a statement.
Plans for the development, dubbed Olara, call for two towers — one with roughly 287 condominiums and the other with 170 rental apartments — that are joined at the base. Prices start at $2 million and go up to $10 million for the two- to four-bedroom condos.
A Newmark Group Inc. team led by Adam Spies, Adam Doneger and Nick Scribani represented Savanna in the transaction.
Amenities at the Olara include a lap pool, a spa and a fitness center. Chef Jose Andres will also open a restaurant on the ground floor. Move-ins are expected by the end of 2027.
Residential developers in South Florida have secured financing in recent months as demand for luxury housing in the region soars. A real estate credit business owned by Todd Boehly’s Eldridge provided a construction loan for a luxury condo building in Miami Beach in January. Late last year, JPMorgan Chase & Co. and BDT & MSD Partners lent $273 million for a luxury residential project north of Miami centered around a private golf club.
SOURCE: West Palm Beach Housing Development Lands $380 Million Financing – Bloomberg
