Berkadia has arranged a $118.6 million construction loan on behalf of Gatsby Florida to finance The Palm, a new mixed-use project planned in Palm Beach Gardens. The borrowing supports ground-up development of an eight-story building that will combine office and street-level retail space in the PGA corridor of northern Palm Beach County. Construction is scheduled to commence in the near term, with delivery targeted for 2028.
The Palm is planned as an approximately 200,000-square-foot property located at 11200 RCA Center Drive in Palm Beach Gardens. According to the sponsors, the project will be primarily composed of Class A office space, with the article noting that the building will contain over 200,000 square feet of office accommodations. This office component will be complemented by roughly 30,000 square feet of ground-floor retail and restaurant space designed to activate the site and provide on-site amenities to office users and visitors.
Parking and on-site amenities are key features of the planned development. The Palm is slated to include an 838-space structured parking garage, which will offer electric vehicle charging stations to support evolving tenant and customer needs. Plans also call for a rooftop terrace, conference facilities, and a fitness center, underscoring the project’s focus on providing a modern workplace environment within the PGA corridor.
The capital stack for the project includes a three-year, floating-rate, interest-only construction loan. Berkadia’s South Florida debt team, led by Charles Foschini, Scott Wadler and Shannon Wilson, arranged the financing. The group secured the loan through Cirrus Real Estate Partners, which is identified as the counterparty on the debt. Specific loan terms beyond the floating-rate, interest-only structure and three-year initial duration were not disclosed in the source material.
The Palm will become the second asset in Gatsby Florida’s portfolio in the Palm Beach Gardens area. It will join DiVosta Towers, which is described as fully leased and recently refinanced, indicating that Gatsby Florida already has an established presence and operating history in this office node. With The Palm, the firm is expanding its holdings along the PGA corridor, adding new Class A office space and curated retail to a submarket that has demonstrated tenant demand.
While the article does not provide detailed leasing or tenant pre-commitment information, it frames The Palm as a significant addition to the local office and retail landscape once completed in 2028. The combination of structured parking, EV charging, rooftop and conference amenities, and an integrated fitness component positions the property for multi-tenant office occupancy, with ground-floor retail and restaurant uses intended to serve both building users and the surrounding community along this segment of northern Palm Beach County.
