Royal Palm boosts construction loan for Dania Beach apartments to M
Royal Palm Cos. obtained a replacement construction loan for its Elevate Apartments project in Dania Beachto increase the amount of funding. Miami-...
Royal Palm Cos. obtained a replacement construction loan for its Elevate Apartments project in Dania Beachto increase the amount of funding. Miami-based 3650 REIT provided the $76.5 million mortgage to Dania Beach Apts LLC, an affiliate of Miami-based Royal Palm, led by Daniel Kodsi, along with partner Rafael Pecchio. The loan carries a 36-month term. Kevin O'Grady of Concord Summit Capital arranged the loan, which he described as covering 75% of the construction costs That replaces the $64.7 million construction loan the developer obtained from a different lender in mid-2021.