Royal Palm Companies Secure $86 Million Financing for Tuscany Village

In a significant stride towards expanding quality residential options in Orlando, Royal Palm Companies led by Dan Kodsi and the Mattoni Group proudly announce the securing of an $86 million construction financing loan and the launch of Tuscany Village, a sprawling 420-unit multifamily complex set to enhance the Sanford area.

Strategically located at the southwest corner of State Road 46 and Upsala Road, Tuscany Village is poised to become a cornerstone community within Sanford, spanning 21 acres with seven four-story buildings. With construction slated to commence in the coming weeks and phased completion expected by 2026, the project is primed to transform the local residential landscape.

The acquisition of the development site at 4201 West First Street in June for $12.7 million laid the foundation for this ambitious venture. Financing for Tuscany Village has been secured through a partnership with City National Bank and Abanca USA, contributing $68 million in loans, and Origin Investments, providing $18 million in preferred equity. Notably, these financial arrangements feature floating interest rates without a rate cap, reflecting confidence in the project despite current economic uncertainties.

Royal Palm Companies, renowned for its innovative approach to real estate development since its inception in 1978, boasts a portfolio of $4.7 billion in developed, repositioned, and under-construction projects, including over 9,500 completed residential units. The collaboration with the Mattoni Group underscores the significance of Tuscany Village, leveraging their combined expertise to ensure the delivery of a top-tier residential community.

Despite challenges such as elevated interest rates, insurance premiums, and regional specifics like high concrete costs in South Florida, the decision to proceed with Tuscany Village reflects the unwavering commitment of Royal Palm and Mattoni Group to innovation, quality, and meeting the evolving needs of Florida's residents.

More than just a development project, Tuscany Village represents a future home for hundreds of families and individuals, meticulously designed to foster a vibrant and connected community. Royal Palm Companies and Mattoni Group are dedicated to bringing this vision to life, positively impacting the Sanford region and the broader Florida housing market.

ZOM Living Opens The First completed Section Of Ludlam Trail Linear Park And Phase 1 Of MiLine Miami Apartments

ZOM Living, one of the nation’s leading developers of multifamily housing, in a joint venture partnership with Mattoni Group, Scout Capital and AEW Capital Management, have announced the completion of the first phase of the transformative development MiLine Miami. Phase one includes the delivery of 338 luxury, mid-rise apartments, 4,600 square feet of retail space featuring a brewery and two restaurants, and 1,300 linear feet of the Ludlam Trail for residents and the broader community to enjoy outdoor recreational activities such as walking, biking and hiking.

With direct access to the Ludlam Trail linear park, MiLine Miami’s first phase is comprised of a six-story, upscale apartment building featuring large-scale art murals and a range of street art throughout the property. The first residents are beginning to move in, with studios, one-, two- and three-bedroom apartment options available ranging from 580 to 1,700 square feet. The residential community’s lifestyle-driven amenities include a pool deck with cabanas and grilling area, Zen courtyard, fire pit, social room, membership-quality fitness center, aqua lounge and coworking spaces.

MiLine Miami will feature other one-of-a-kind amenities, including a local brewery named Thorn by the founders of Lincoln's Beard Brewing Co. that will occupy the retail space. The beer garden will be anchored by two additional restaurants to be announced soon. Residents will benefit from having 50,000 square feet of outdoor amenity space, which includes the walking and biking trail, a dog park, an event lawn, and outdoor public and private plazas perfect for recreation and gatherings.

“ZOM is excited to deliver phase one of our MiLine Miami community, including welcoming Lincoln’s Beard brewery Thorn to the property and delivering the first segment of the Ludlam Trail, which will create an exceptional outdoor pedestrian experience for residents and the surrounding community,” said Kyle Clayton, Senior Vice President of ZOM Living. “Our team is already beginning work on the remaining phases of the project that will expand this section of trail to a full half mile, add another 600 apartments and more amenities to the community.”

The Ludlam Trail is being redeveloped into a beautiful linear park that spans six miles, adorned with colorful, public art. The trail path will connect four parks, three waterways, two Metrorail stations at Dadeland North and South and five schools.

“Our vision has always been to engage and activate the Ludlam Trail and have this project be a catalyst for creating a unique mixed-use neighborhood in Miami,” said Ricardo Caporal, Founder and President of Mattoni Group.

The MiLine Miami community also offers convenient access to Miami’s sights and landmarks with its proximity to the Biltmore Hotel and the University of Miami, plus a variety of dining and entertainment options such as the open-air shopping district Miracle Mile and Shops at Merrick Park.

“The transformative and human-centered nature of this mixed-use development fits well with our strategy to invest in real estate projects positioned for sustained, long-term growth,” said Jess Bissey, Chief Sustainability Officer of AEW Capital Management.

Uniquely designed, the apartment units at MiLine Miami are equipped with a smart home system that allows residents to use voice commands to control the unit’s lighting, see who’s at the front door and let them in, set the home’s temperature and play their favorite tunes – all with the touch of an app. Unit interior finishes include exposed concrete ceiling, quartz counter tops and hard-surface luxury flooring throughout the apartment.

The three-phase, mixed-use development of MiLine Miami spans an 11.4-acre site with a mix of uses that include approximately 975 apartments and 23,000 square feet of retail space. The second phase will comprise 337 apartments including 32 townhome units and is slated to start construction by the end of the year. The third phase will deliver an additional 300 apartments and 18,000 square feet of retail space.