Tortoise Properties has secured a $88.530 million construction loan and will begin building its newest mixed-use residential development in downtown West Palm Beach, Fla.
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-plus square feet of retail frontage on Dixie Highway and 371 parking spaces.
Tortoise Properties acquired the site plan–approved project in December 2021.
“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
