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Tortoise Properties secures over $88 million construction loan for its new residential/commercial development in West Palm Beach; Site preparation begins on CLASS A+ luxury apartment towers

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WEST PALM BEACH, Fla.–(COMMERCIAL WIRE)–Tortoise Properties, LLC, a private residential and commercial company based in Palm Beach County, has secured an $88.53 billion construction loan and will break ground on its newest mixed-use residential development in downtown West Palm Beach . Acore Capital provided the loan 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 suspended floor-to-ceiling glass skybridge over Eucalyptus Street. The Class A luxury apartment complex will feature 264 studio, one and two-bedroom residences with more than 3,400 square feet of commercial frontage on Dixie Highway and 371 parking spaces.

As West Palm Beach, now known as “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 and Co-Founder Jake Geleerd reported that Tortoise Properties acquired the project approved on the site plan in December 2021 and then led an experienced and diverse project team to efficiently and timely obtain permits. and approvals needed to begin construction.

According to Tortoise Properties President and Co-Founder Kelly Brennan, the project team included MSA Architects (architecture), Verdex Construction (construction), EDSA (landscape), Hensel Phelps (project management), Keshavarz & Associates (civil engineering) , McNamara Salvia (structural engineering), WGI (engineering), Castle Residential (property management), and Managed Land Entitlements (rights and permits).

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“We are especially pleased to have obtained 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 into a fundamentally strong market while reinforcing lenders’ confidence in the proven track record and strength of Tortoise Properties and its residential and commercial projects. With the fence up today and site mobilization beginning next week, we continue to move forward with plans to share more updates in the coming weeks.”

About: Turtle Properties

Tortoise Properties, LLC is a well-capitalized, privately held commercial and residential company based in Palm Beach County that is solely focused on acquiring and developing its legacy assets consisting of first-income commercial offices, multi-family and mixed-use properties in the South Florida region. Drawing on more than 60 years of combined core experience and expertise in asset valuation, acquisition, development and management, leadership seeks out and drives strategic and methodical buy-and-hold long-term investment opportunities. Founded by Jake Geleerd and his partner Kelly Brannen in late 2017, Tortoise Properties has built a reputation in the industry for delivering a strong ROI for partners and investors by developing, owning and operating Highly desirable and safe places to live, work and play for a strong mix of office, residential and retail tenants. Recognizing the exponential value of building strong relationships, the leadership seeks to work together with strong local market partners to ensure the long-term success of its properties, tenants and investors. Deliberate, with the guiding principles of safety first and an understanding that success is not a short run, but a long-term endeavor, Tortoise Properties will continue to lead the race. For more information, visit TortoiseProperties.com.

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