The Elevate Apartments are being developed by Miami-based Royal Palm Companies
Trez Capital, a private real estate lender helping to build better communities across North America, provided a $64.7 million loan to help fund construction of a 293-unit mid-rise rental community in Dania Beach, a coastal city just north of Fort Lauderdale that is experiencing unprecedented growth. The project, known as the Elevate Apartments, is being developed by Miami-based Royal Palm Companies led by CEO Dan Kodsi.
Located at 600 E. Dania Beach Blvd., the building will have studio, one-and-two-bedroom units ranging in size from 700 square feet to 1,000 square feet. Amenities include a pool deck, fitness center and storage space for water sports equipment.
Trez Capital Vice President Ben Jacobson originated the loan from the company’s Palm Beach office. The transaction closed June 30, 2021.
“The borrower has a history delivering millions of sought-after square feet of residential and mixed-used real estate projects to the Florida market over the past six decades,” Jacobson said. “When you couple that experience with the fact that there is still exceptionally strong demand for new rental housing in well- located areas, I fully expect this project to deliver homes that the communities need.”
Dania Beach is a city on the rise. Several new residential projects have been announced and the new Dania Pointe mixed-used project is a big draw with its retail shops, restaurants and a bustling nightlife. The site is close to the beach, a nature preserve and major employment centers such as the Ft. Lauderdale/Hollywood International Airport and Port Everglades.
The rental market remains strong in South Florida’s sub-markets asdevelopers cannot seem to construct buildings fast enough to meet the surging demand.Trez Capital is funding numerous residential and multifamily developments throughout Florida. In February 2021, it financed a $70 million construction loan for Block 40, a rental building with 273-units in Hollywood, Florida.
“We apply our rigorous results-oriented, risk managed approach when evaluatingopportunities,” said Brett Forman, Executive Managing Director, Eastern U.S. “Our criteria for selecting a lending or investment opportunity is to focus on markets with a growing population and higher-than-average job growth. South Florida is a market where we see a lot of opportunity.”
Trez Capital provides short-term debt and equity financing typically between six months and 36 months in term ranging from $5 million up to $100 million in loan value.
About Trez Capital
Founded in 1997, Trez Capital is a diversified real estate investment firm and preeminent provider of commercial real estate debt financing solutions in Canada and the United States. Trez offers private and institutional investors strategies to invest in a variety of opportunistic, fully secured, high-yield mortgage investment funds, and provides property developers and owners with quick approvals on flexible short- to mid-term financing.
With offices in Vancouver, Toronto, Dallas, Atlanta and Palm Beach, Trez Capital has over $3.9 billion in assets under management and has funded over 1,500 transactions totaling more than $12.5 billion since inception. For more information, visit www.trezcapital.com.
