Berkadia Secures $57M Bridge Loan for Midtown Capital Partners’ Lake Worth Apartment Project

Berkadia has arranged a $57 million bridge loan to refinance the construction debt on Astor Sound at Lake Worth, a new 230-unit multifamily community in Palm Beach County that is nearing completion.

The financing team included Senior Managing Director Mitch Sinberg, Managing Directors Scott Wadler, Brad Williamson, and Matt Robbins, along with Vice President Patrick Johnson. The loan was secured on behalf of the sponsor, Midtown Capital Partners, a Miami-based real estate investment advisor, operator, and developer with a portfolio spanning the U.S. and Spain. Infinity Collective originated the two-year loan, which includes an option for a six-month extension. The transaction closed on September 19.

Located at 2201 Tenth Avenue North, Astor Sound is designed as a garden-style community with four residential buildings ranging from two to five stories, along with a clubhouse on a 6.5-acre site. The property offers one-, two-, and three-bedroom floor plans sized between 715 and 1,160 square feet. Units feature chef-inspired kitchens with center islands, quartz countertops, luxury flooring, front-loading smart washers and dryers, and oversized walk-in closets.

Community amenities include a resort-style pool with pavilion and summer kitchen, fitness center, co-working lounge, coffee bar, game room, conference room, dog park and spa, and outdoor trails. The development is located minutes from downtown Lake Worth, with convenient access to I-95, Palm Beach State College, HCA Florida JFK Medical Center, and Palm Beach International Airport.

Founded in 2010, Midtown Capital Partners is an SEC-registered, vertically integrated real estate firm with offices in Miami, West Palm Beach, and Madrid. The company oversees more than $1 billion in assets across 22 investment vehicles, representing over 200 investors.

BD Hotels Breaks Ground on The Nora Hotel in West Palm Beach’s Nora District

The highly anticipated Nora District in West Palm Beach marked a significant milestone with the groundbreaking of The Nora Hotel, a new 201-key boutique hotel developed by BD Hotels, in collaboration with Sean MacPherson, NDT Development, Place Projects, and Wheelock Street Capital. This project represents BD Hotels’ first new construction hotel outside of New York City and is set to bring a unique blend of luxury and high-design to the area.

Richard Born of BD Hotels shared, “The Nora Hotel represents our vision of transforming West Palm Beach’s hospitality landscape with a bespoke experience that caters to today’s sophisticated travelers. We are thrilled to collaborate with the district's developers to make this a reality.”

BD Hotels, known for iconic New York properties such as The Greenwich and The Bowery, has teamed up with Wheelock Street Capital for the second time, following the successful relaunch of Hotel Chelsea in 2023. NDT Development and Place Projects are also key partners in this endeavor. “The Nora Hotel will serve as a cornerstone for the district,” said Ned Grace, Co-Founder of NDT Development. “It aligns seamlessly with our plan to position the district as a premier lifestyle destination, offering top-tier dining, retail, and wellness experiences.”

Joe Furst, Founder of Place Projects, expressed excitement about partnering with BD Hotels. “Their ability to tailor each hotel to its neighborhood while maintaining their signature style is unparalleled,” he noted.

The design of The Nora Hotel takes inspiration from Mediterranean and Spanish Colonial Revival styles, an homage to Addison Mizner’s architectural legacy in Palm Beach. New York-based Gachot Studios and architectural firm Stantec are behind the hotel’s interiors and structure, featuring arched walkways, rich hues, and intricate tilework. The property will also include a tranquil loggia and garden area for guests.

Highlighting the hotel’s dining scene, Stephen Starr’s STARR Restaurants will debut Pastis, a 13,300-square-foot Parisian-style brasserie with expansive indoor and outdoor seating. STARR Restaurants will also curate offerings for the hotel’s rooftop space, which will include a pool, two bars, private cabanas, and a restaurant. Additionally, in-room dining will be available, further enhancing the guest experience.

The Nora District itself is undergoing a transformation, with Phase I of the master plan underway since June 2023. Upon its early 2025 completion, the district will feature over 150,000 square feet of both adaptive reuse projects and new developments. Historic railway warehouses are being reimagined into vibrant retail spaces, celebrating art and local talent. Phase I will also introduce over 55,000 square feet of Class-A office space.

With its dynamic blend of dining, arts, and lifestyle offerings, Nora is poised to become a cultural and commercial hub in Downtown West Palm Beach. Confirmed retailers include Loco Taqueria & Oyster Bar, Van Leeuwen Ice Cream, Sana Skin Studio, and more, creating an inviting atmosphere for locals and visitors alike. The district’s master plan was developed in partnership with the City of West Palm Beach and urban planning firm PlusUrbia, aiming to revitalize the area with thoughtful, community-oriented design.

Iconic Luxury Hotels Debuts First U.S. Property with Palm House Hotel in Palm Beach

Iconic Luxury Hotels (ILH), renowned for its prestigious portfolio of historic and luxurious accommodations, will unveil its first U.S. property, the Palm House Hotel, set to open in Palm Beach this November. This marks ILH's entry into the American hospitality market, expanding its celebrated collection that includes the famed Excelsior Venice, Cliveden House, and Mayfair Townhouse.

Nestled in the heart of Palm Beach, just a stone's throw from the golden sands and the upscale boutiques of Worth Avenue, the Palm House Hotel embodies a Mizner-inspired design that pays homage to the region's architectural heritage. This new addition will be the eighth property in ILH's portfolio and the first on American soil.

After a meticulous three year renovation, the Palm House Hotel will feature 79 elegantly appointed rooms, including 21 luxurious suites, all designed to offer some of the most spacious accommodations on the island. Guests can enjoy floor-to-ceiling windows, arched doorways, and private terraces. Among the hotel's highlights are four expansive suites, including a grand Presidential Suite with a double-height living area that opens onto a balcony with panoramic views of the pool deck.

In addition to its lavish rooms and suites, the Palm House boasts a newly constructed ballroom complemented by a garden terrace and a poolside lawn, making it an exceptional venue for weddings, special events, and business meetings.

Andrew Stembridge, Executive Director of Iconic Luxury Hotels, commented, "The opening of Palm House Hotel represents a significant milestone for our brand as we extend our footprint into the U.S. market. We are thrilled to bring our distinctive blend of luxury and heritage to Palm Beach."

Founded in December 2016, Iconic Luxury Hotels is part of L+R Hotels, a global investment and management company with a portfolio exceeding 105 hotels and around 21,000 guestrooms. Each property in ILH’s collection is unique, yet they all share a dedication to delivering exceptional experiences. From Cliveden House in England to the Hotel Excelsior in Venice, ILH’s portfolio features some of the world’s most renowned hotels. The group also includes Chewton Glen, The Lygon Arms, 11 Cadogan Gardens, The Mayfair Townhouse, and The Chelsea Townhouse.

L+R Hotels, headquartered in London, has built a distinguished reputation through strategic investments and adaptability to market trends. The company manages a diverse portfolio of 23,519 rooms across the UK, Continental Europe, the U.S., and the Caribbean. This portfolio ranges from select service hotels to acclaimed five-star properties and luxurious resorts in exclusive destinations. L+R Hotels operates through four distinct groups: Iconic Luxury Hotels, Atlas Hotels, City Hotels, and Destination Hotels, each with its own unique character and focus.

With the introduction of the Palm House Hotel, Iconic Luxury Hotels is set to offer American travelers a taste of its renowned elegance and luxury, marking a new chapter in its storied history.

Aztec Group Facilitates $55.6 Million Financing for Arcadia Gardens in Palm Beach Gardens

Aztec Group, a prominent real estate investment and merchant banking firm serving Florida for four decades, has announced its successful arrangement of $55.6 million in bridge financing for Arcadia Gardens, located in Palm Beach Gardens, Florida. This luxury age-restricted rental apartment community, encompassing 220 units across 10.64 acres, represents a significant investment in senior living infrastructure.

Developed in 2021, Arcadia Gardens offers residents a premium living experience coupled with a comprehensive amenity package. The centerpiece is its 15,210-square-foot clubhouse, featuring a plethora of amenities such as a fitness center, salon, movie theatre, and various sports courts including pickleball, bocce, and croquet. The community also boasts a pool, spa, walking trail, community garden, and full onsite dining facilities, ensuring residents have access to everything they need for a fulfilling lifestyle.

Strategically located in Palm Beach Gardens, Arcadia Gardens offers residents the convenience of easy access to over 2.9 million square feet of retail space within a one-mile radius. The proximity to The Gardens Mall, a renowned upscale shopping destination, further enhances the appeal of this vibrant community.

The project is managed by affiliates of the United Group of Companies based in Troy, NY, and Sina Companies of Palm Beach Gardens, FL. The United Group of Companies brings over 50 years of industry expertise to the management of Arcadia Gardens, further ensuring the success and quality of the development.

The financing for Arcadia Gardens was secured through MetLife and provides favorable terms, including full-term interest-only and a 36-month term. Peter Mekras, President of Aztec Group, emphasized the meticulous selection process, stating, “Aztec sourced multiple proposals for the financing of Arcadia Gardens and worked with the sponsors to select the capital source that could move quickly and understood the unique attributes of this age-restricted community.”

Aztec Group's success in arranging nearly $200 million in bridge financing in the first five months of 2024 underscores its expertise and commitment to facilitating transformative real estate projects.

TORTOISE ONE A NEW MIXED-USE PROJECT IN WEST PALM BEACH ANNOUNCES COMPLETION

West Palm Beach, renowned for its vibrant culture and coastal charm, is welcoming a new addition to its skyline with the completion of Tortoise One, a luxury mixed-use, multifamily development. Developed by Tortoise Properties, known for its expertise in creating exceptional real estate assets in South Florida, Tortoise One is set to redefine upscale living in the heart of the city.

Strategically located at 740 N Dixie Highway in the downtown corridor, Tortoise One comprises two eight-story towers housing a total of 264 residences. The development offers a range of living options, from studios to spacious one and two-bedroom apartments, designed to cater to the diverse needs of modern renters, including young professionals, families, and entrepreneurs.

Jake Geleerd, co-founder and CEO of Tortoise Properties, expressed his excitement about the project, stating, "Tortoise One embodies our commitment to innovative design and elevated experiences. We are thrilled to introduce this exceptional endeavor, which sets a new standard for luxury living in West Palm Beach."

Designed by MSA Architects with interiors by Builders Design and constructed by Verdex, each apartment at Tortoise One exudes refined elegance. Features include private balconies with sweeping views, wood-style flooring, floor-to-ceiling windows, and high-end kitchens with custom tile backsplash and stainless-steel appliances. Residents also benefit from amenities such as in-unit washer and dryer, smart thermostats, and keyless entry for added convenience and security.

The amenity program at Tortoise One is designed to cater to residents' diverse interests and lifestyles. From social clubrooms and fitness centers to rooftop pickleball courts and resort-style swimming pools, there's something for everyone. The development also features private workspaces, a pet washing area, and electric car charging stations, promoting sustainability and convenience.

Situated just minutes from Palm Beach Island, Tortoise One offers residents easy access to a plethora of dining, shopping, and entertainment options in downtown West Palm Beach. With transportation services like the Circuit connecting the property to the city, residents can explore with ease.

Crown Residential is managing the leasing of apartments at Tortoise One, while retail leasing is being led by Tortoise Realty Group.

Panther National Opens Bringing First New Private Golf In Two Decades To Palm Beach County

Panther National, the first new private golf club to open in Palm Beach County in two decades, officially opened its golf course on November 17, designed by legend Jack Nicklaus and PGA TOUR star Justin Thomas, a first-time collaboration for the pair. Envisioned by Swiss developer, Dominik Senn, the highly anticipated club brings a luxury residential enclave and championship golf to South Florida. The 18-hole championship course, playable from up to 8,000 yards, boasts steep elevation changes and dramatic characteristics unlike any other course in the state. The golf course accompanies Panther National’s Signature Estate Homes and Custom Estate Homesites, delivering an elite, best-in-class experience to members and residents.

Panther National celebrated the course opening with a Pro Exhibition Match on November 17 featuring six stars on the PGA and LPGA Tours including Justin Thomas – a partner of Panther National – Rickie Fowler, Xander Schauffele, Morgan Hoffmann, Erik van Rooyen, and Lexi Thompson. In tandem with the opening, Panther National will soon announce an elite team of brand ambassadors for the golf club, in addition to Thomas, Schauffele, Hoffmann, Villegas, and Thompson. As ambassadors for Panther National, these players will engage with members through a variety of events and activations year-round to showcase this exceptional new private golf community in Palm Beach Gardens.

“Panther National sits on the last parcel of premium, developable land in Palm Beach County, where we are proud to offer a visually stunning and environmentally sensitive golf course as the cornerstone of our modern, lifestyle community redefining luxury in the region,” says founder and president, Dominik Senn. “The opportunity to bring an unprecedented level of elegance to the game in an area where private golf options have been underserved for years is something in which we take great pride, and we look forward to providing current and prospective owners and members a distinctive experience both on and off the links.”

Combining the best of Nicklaus’s traditional design approach with the modern perspective of Thomas, one of the most talented young players in the world, Panther National’s championship course introduces an unparalleled new golf experience to the region. The intricacies of the course will challenge the world’s best players through a variety of risk-reward shot options yet allow playability for members with large landing areas and receptive greens. Design components include double fairways, deep bunkers, and expansive sandy waste areas; downhill tee shots uncommon to South Florida; uphill and semi-blind approach shots. A detailed, 18-hole course description can be found here.

“From the start, the vision was clear – to create a golf experience unlike any other found in South Florida,” said 18-time major champion and course designer, Jack Nicklaus. “Every opportunity to design a golf course brings challenges, but in the case of Panther National, uniqueness triumphs. You won’t find any golf course remotely close to it in South Florida.”

The collaboration between Nicklaus and Thomas represents the first time the two have teamed up on a golf course project and Thomas’ first foray into golf course architecture.

The course at Panther National will be complemented by world class training facilities featuring state-of-the-art ball tracing technology, elite PGA professionals to provide tailored instruction, an indoor simulator, putting room, and high-end fitness training equipment. Flexible enough to accommodate golf’s top professionals and club members, its practice area offers target greens constructed with Trinity Zoysia grass so the ball will react the same as when landing on the championship course’s greens. The targets are sized appropriately for shot length, equal to a PGA TOUR average shot for the specific distance. The short game area is also incredibly unique allowing golfers to train for all the greenside shots found at Panther National or at any course in the world. In addition, members can take advantage of Panther National’s fitting facility with custom fitting, stocked premium clubs, and shafts from all major equipment manufacturers.

Golfers of all skill levels will enjoy playing on the community’s 9-hole, par-3 practice course plus a short game area. Holes vary from 90 to 200 yards with approach shots similar to those players will encounter on the championship course and an island green that resembles the famous 17th hole at TPC Sawgrass. Panther National’s putting course – dubbed “The Cub,” and inspired by the Himalayas Putting Course at St. Andrews – sits on nearly one acre.

“Today will prove to be a pivotal and monumental moment in my professional career,” said two-time PGA Champion and course designer, Justin Thomas. “Embarking on this journey with Jack, Dominik and their teams has been an unforgettable and invaluable experience. To see how a project comes to fruition, from the groundbreaking to the grand opening tee shot and all the site visits in between, this was such an inspirational endeavor that would not be possible without the hard-work and countless hours spent by all involved to make this dream a reality.”

Panther National’s team of exceptional professionals and support members include CEO, Frank Weed; Director of Golf, Tom Dyer; Head Golf Professional, Adam Schafer; Director of Agronomy, Steve Ehrbar; Director of Outside Operations/Caddie Master, Jake LaMore; assistant outside operations supervisor, Sam Martin; and assistant professionals, Joe Flynn, Kyle Hargreaves, and Dilan Bartko.

Complementing the golf course, Panther National’s residential offering includes 218 custom, modern estates combined with premium community amenities for an unparalleled lifestyle experience unlike anything else in the country. The private enclave is set on approximately 400 acres surrounded by the Avenir Conservation Area, a 2,400-acre conservation area. Panther National’s residences pair sleek, modern elegance with visionary, environmentally sensitive engineering for a sophisticated and effortless residential destination.

Panther National’s expansive, contemporary Clubhouse will feature Michelin-inspired cuisine with captivating European influence and a premium, curated selection of wine and spirits; expansive men’s and women’s locker rooms; an event lawn; and courtyard with a fire pit. The Lifestyle Club is designed to provide an elevated experience for the entire family and will include a state-of-the-art fitness center, tennis complex, and resort-style pools.

Images via Jensen Larson Photography

Check Out This Newly Renovated Coastal Contemporary In The Exclusive Point Manalapan Which Just Listed For $7.995 Million

A beautifully renovated turnkey family home on a quiet cul-de-sac street in the exclusive, gated Point Manalapan has hit the market for $7.995 million. Point Manalapan is a luxurious, secluded community just minutes from Palm Beach nestled between the Atlantic Ocean and Intracoastal Waterway. Located at 105 Churchill Way, the coastal contemporary home recently underwent a full renovation creating an idyllic luxury residence with beautifully designed interiors and lushly landscaped outdoor spaces perfect for entertaining.

A limestone driveway and landscaped courtyard welcomes you to the bright, coastal home. The spacious, open floor-plan spans 5 bedrooms and 6.5 bathrooms, with a detached guest suite spanning 8,516 SF on a half-acre lot. The residence features high ceilings, a gourmet eat-in kitchen, double-height living room, multiple balconies and outdoor spaces, an elevator and all bedrooms with en-suite bathrooms and spacious closets. The home also features the finest finishes, 4.5 car garage, impact windows and doors and can be purchased fully furnished if desired. The oversized outdoors was updated by SMI Landscaping and features a new pool. Buyers will receive a membership to La Coquille Club at The Eau which offers restaurants, an oceanfront pool, spa, exercise room and beach club.

105 Churchill Way is currently listed for $7.995 million with Adam McPherson of Douglas Elliman.

Palm Beach Gardens Single Family Home Development 'La Terre at Avenir' Now 50% Sold-Out

La Terre at Avenir, a gated community of 92 luxury, single-family homes in Palm Beach Gardens, is now 50% sold-out. La Terre at Avenir is being developed by K. Hovnanian Homes at 12300 Waterstone Circle, Palm Beach Gardens, FL. La Terre at Avenir offers single-story and two-story new construction homes with spacious floor plans and elegant interiors including Restoration Hardware vanities, freestanding tubs, under cabinet lighting in the kitchen, smart appliances and Design-Craft frameless cabinets. Homes at La Terre at Avenir range from 2,528 to 4,124 square feet and are priced from $959,995 to $1,299,995. K. Hovnanian is a national family-run luxury homebuilder founded in 1959.

The 4,752-acre Avenir is the largest and most innovative developments to come to Palm Beach County. The sustainable community, located in Palm Beach Gardens, is being developed by K. Hovnanian Homes, Toll Brothers, Divosta, Kenco Communities and Akel Homes. Avenir will feature 3,900 new homes and resort-style amenities include a clubhouse, working farm, dedicated golf cart paths, spacious dog parks, and over 300 acres of lakes and waterways. More than 2,400 acres will be transformed into a dedicated nature preserve featuring extensive walking trails. Avenir is also approved for 400,000 SF of retail space and 2,000,000 SF of new offices, shops and restaurants.

Forest Development Closes On $269 Million Construction Loan For Palm Beach County Condo

Forest Development has locked down a $269 million construction loan for Nautilus 220, a 330-unit luxury condominium project that is the first of its kind in Palm Beach County’s Town of Lake Park. Nautilus 220 will be 24-story twin condo towers on the water with a restaurant from renowned chef David Burke and many amenities in the once-overlooked town just across the Intracoastal Waterway from Singer Island. Nautilus 220 is already 60% pre-sold. Prices range from the $800,000s to more than $3 million.

The loan was arranged by Concord Summit Capital, LLC (“Concord Summit”) and provided by Fortress Investment Group to the Peter Baytarian-led Forest, which recently brought on Daniel Kodsi of Royal Palm Companies as a co-general partner in Nautilus 220. Concord Summit Director Justin Morrow and Managing Director Kevin O’Grady, both of Concord Summit’s Miami office, sourced the financing on behalf of the borrowers. Construction is underway, with an estimated completion in the second quarter of 2024. The project’s floating sales center is located on a barge in the Lake Park marina.

“This was an exciting transaction to work on, given the unique nature of this project,” Morrow said. “The borrowers are visionary developers who are bringing a resort-style waterfront living experience to Lake Park. Nautilus 220 truly has no counterpart in the market.”

“It has been a pleasure working with Concord Summit Capital over the past two years as they guided us through more than 13 financing opportunities for our Nautilus 220 mixed-use development in Lake Park,” said Baytarian, Managing Partner, Forest Development.” “The team saw the value of this project at the outset, and with their professional and invaluable expertise, as well as relationships in the industry, secured the perfect lender for us and this project.”

“We successfully leveraged our strong relationship with the team at Fortress to complete the transaction,” O’Grady said. “It was a pleasure to have the opportunity to work with them again. Nautilus 220 should continue to experience brisk sales activity, as the one-of-a-kind project fills a void for brand-new waterfront condos in northern Palm Beach County.”

Nautilus 220’s residences include a mix of one-to-four-bedroom condos ranging from 1,100 to 3,400 square feet, with a variety of floor plans offering unobstructed water views. Penthouses come with 2,000-square-foot private rooftop terraces, plunge pools, summer kitchens and 12-foot ceilings. The project includes a one-acre outdoor amenity deck and additional amenities including mini-bowling, billiards and card tables, a multipurpose soundproof studio for music and podcasts, golf simulator, theater lounge, club room and more.

The towers are being constructed alongside an active marina with 100 slips accommodating boats up to 100 feet. The development also has easy inlet access for water sport recreation from snorkeling and scuba diving to jet skiing, kayaking and paddle boarding.

Burke, the acclaimed restaurateur, selected Nautilus 220 as the location for his first Florida restaurant. The two-level, 7,500-square-foot waterfront restaurant with indoor and outdoor seating will feature modern American cuisine.

Kast Construction is the project’s general contractor. Interiors by Steven G. is the project’s interior designer.

DePuy Synthes Product, Inc. Leases Palm Beach Gardens Office Space Expanding South Florida Footprint

DePuy Synthes Product, Inc., a Johnson & Johnson company, and a leading global provider of Orthopedics products, is expanding its presence in South Florida after signing a a 9,481 square foot lease at 4400 Northcorp Parkway in Palm Beach Gardens, Florida. DePuy Synthes Product, Inc. will occupy the build-to-suit space on the 2nd floor of the office building. DePuy Synthes Product, Inc. is slated to take occupancy in September 2021. 4400 Northcorp Parkway is owned by Alchemy-ABR Investment Partners, a fully integrated New York based real estate investment firm, together with its joint venture partner, Breakers Capital Partners, a Miami based real estate investment firm.

Alchemy-ABR Investment Partners was represented by Gavin Loughlin of Greenberg Traurig and Anthony Librizzi of Cushman & Wakefield in the transaction. DePuy Synthes Product, Inc. was represented by CBRE.

“4400 Northcorp Parkway is an ideal office setting for the most competitive industries and organizations and this lease is indicative of the strength of South Florida’s overall office leasing market,” said Brian Ray, Co-Founder and Managing Partner of Alchemy-ABR Investment Partners. “We’re committed to our tenants and are looking forward to welcoming DePuy Synthes Product, Inc. to 4400 Northcorp Parkway.”

4400 Northcorp Parkway is part of the larger office park, 4200-4400 Northcorp Parkway, that consists of two Class-A office buildings totaling 115,000 square feet. Completed in 1996, 4200-4400 Northcorp Parkway features extensive capital improvements including renovated, premium office fit-outs, contemporary base building lobby and common areas, as well as modern mechanical and roofing systems.

Located in the center of Palm Beach Gardens, the property enjoys convenient access to Palm Beach, Broward and Miami-Dade Counties and has attracted a diverse tenant base, further showcasing South Florida’s dynamic market. Alchemy-ABR Investment Partners and Breakers Capital purchased 4200-4400 Northcorp Parkway in 2016 and is currently renovating the lobby space of the 4200 Northcorp office building. The two firms jointly own additional commercial real estate assets across South Florida including 6111 Broken Sound Parkway in Boca Raton, Florida.