Tortoise Properties Secures $88+ Million Construction Loan for its Newest Residential/Retail Development in West Palm Beach; Begins Site Prep on CLASS A+ Luxury Apartment Towers

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Tortoise Properties, LLC , a privately held commercial and residential company headquartered in Palm Beach County, secured a $88.530 million construction loan and will begin building its newest mixed-use residential development in downtown West Palm Beach.

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Business Wire, Inc.

Retrieved on:

Wednesday, July 6, 2022

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UNITED STATES, NORTH AMERICA, FLORIDA, FLORIDA, UNITED STATES, NORTH AMERICA

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Organisation:

: TORTOISE PROPERTIES, : TORTOISE PROPERTIES

Summary

Key Points:

Tortoise Properties, LLC , a privately held commercial and residential company headquartered in Palm Beach County, secured a $88.530 million construction loan and will begin building its newest mixed-use residential development in downtown West Palm Beach.
The Class-A luxury apartment community will feature 264 studio, one and two-bedroom residences with 3,400+ square feet of retail frontage on Dixie Highway and 371 parking spaces.
View the full release here: https://www.businesswire.com/news/home/20220705005491/en/
Tortoise Properties begins site prep for its Class-A luxury apartment community in West Palm Beach that will feature 264 studio, one and two-bedroom residences with 3,400+ square feet of retail frontage on Dixie Highway and 371 parking spaces.
We are especially pleased to have secured our construction loan with Acore during a rising interest-rate market and a recession-weary commercial lending environment, shared Geleerd.

Tortoise Properties, LLC, a privately held commercial and residential company headquartered in Palm Beach County, secured a $88.530 million construction loan and will begin building its newest mixed-use residential development in downtown West Palm Beach. Lending was provided by Acore Capital for the development of two eight-story towers on 2.5 acres at 740 and 840 North Dixie Highway that will be connected by a floor-to-ceiling glass skybridge suspended over Eucalyptus Street. The Class-A luxury apartment community will feature 264 studio, one and two-bedroom residences with 3,400+ square feet of retail frontage on Dixie Highway and 371 parking spaces.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220705005491/en/

Tortoise Properties begins site prep for its Class-A luxury apartment community in West Palm Beach that will feature 264 studio, one and two-bedroom residences with 3,400+ square feet of retail frontage on Dixie Highway and 371 parking spaces. (Photo: Business Wire)

As West Palm Beach, now referred to as the “Wall Street of the South,” continues to attract more businesses and employees, the demand for additional residential housing continues to grow. Tortoise Properties President, CEO & Co-Founder Jake Geleerd reported that Tortoise Properties acquired the site-plan approved project in December 2021 and then led an experienced and diverse project team to efficiently and timely obtain the necessary permits and approvals required to begin construction.

According to Tortoise Properties Chairman & Co-founder Kelly Brannen, the project team included MSA Architects (architecture), Verdex Construction (construction), EDSA (landscaping), Hensel Phelps (project management), Keshavarz & Associates (civil engineering), McNamara Salvia (structural engineering), WGI (engineering), Castle Residential (property management) and Managed Land Entitlements (entitlements and permitting).

“We are especially pleased to have secured our construction loan with Acore during a rising interest-rate market and a recession-weary commercial lending environment,” shared Geleerd. “This loan propels this mixed-use development forward in a fundamentally strong market while at the same time reinforces lender confidence in the demonstrated track record and strength of Tortoise Properties and its residential and commercial projects. With fencing going up today and site mobilization beginning next week, we continue to advance forward with plans to share more updates in the coming weeks.”

About: Tortoise Properties

Tortoise Properties, LLC is a well-capitalized, privately held commercial and residential company headquartered in Palm Beach County that focuses solely on acquiring and developing its legacy assets consisting of premier income-producing commercial office, multi-family and mixed-use properties in the South Florida region. Drawing upon more than 60 years of combined principal experience and expertise in asset valuation, acquisition, development, and management, leadership seeks and drives strategic, methodical long-term buy-and-hold investment opportunities. Founded by Jake Geleerd and partner Kelly Brannen in late 2017, Tortoise Properties has earned an industry reputation for delivering strong ROI for partners and investors by developing, owning and operating highly desirable and safe places in which to live, work and play for a robust mix of office, residential and retail tenants. Recognizing the exponential value of building steadfast relationships, leadership looks to work alongside strong local market partners to ensure long-term success for its properties, tenants and investors. Deliberate, with guiding principles of safety first and understanding that success it is not a sprint, but a long-term venture, Tortoise Properties will continue to lead the race. To learn more, visit TortoiseProperties.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220705005491/en/