Aztec Group Arranges $18 Million Loan To Refinance 39 Acres Of 200-Acre, Mixed-Use Community

Mar 12, 2020 No Comments by

Aztec Group, Inc. announced that Senior Managing Director Howard Taft and Executive Vice President Charles Penan have closed an $18 million loan to refinance 39 acres of Tuttle Royale, a 200-acre, mixed-use community located at the intersection of Southern Boulevard and State Road 441 in Royal Palm Beach.

The funds were provided by one of the largest non-bank mortgage lenders in Canada.

 

“Tuttle Royale is exceptionally situated along one of the busiest intersections in Palm Beach County, and with more than 150,000 residents residing within a five-mile radius of the development,” said Taft. “Desirable market fundamentals coupled with the borrower’s unique business plan helped us to secure very favorable financing terms for our client.”

Tuttle Royale is a proposed, master-planned community that will consist of 1,100 rental apartments and 500,000 square feet of mixed-use development including medical offices, a 1,500-student charter school and a park. Tuttle Royale will also feature a 400,000-square-foot lifestyle and activity center with diverse amenities including fine dining restaurants, a 100-key high-end hotel, a preschool, a bank, an upscale grocery store and more.

Aztec Group has represented the borrower, Tuttle Land Development, over the last five years, arranging acquisition financing in multiple phases for the 200-acre assemblage. The Tuttle family has more than 20 years of experience  in real estate investment in the South Florida market. They have bought, entitled and developed more than 10,000 acres of land and more than 5,000 residential lots in the Palm Beach, Broward, Martin and the Orlando markets with gross sales exceeding $1 billion.

 

 

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Industry News, Multifamily, NA, Office, Palm Beach County Multifamily, Palm Beach County Office, Palm Beach County Retail, Retail
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