Gatsby Florida has secured a major construction loan for The Palm, a planned mixed-use office and retail project in Palm Beach Gardens. Berkadia arranged the $118.6 million financing on behalf of Gatsby Florida, providing capital to launch the development of the new Class A property.
The Palm is planned as an eight-story, approximately 200,000-square-foot project that will combine office and retail space. The development is targeted for the PGA corridor in northern Palm Beach County, a business and lifestyle area that continues to attract investment and tenants. Construction is scheduled to commence soon, with completion expected in 2028.
A Berkadia capital markets team led by Charles Foschini, Scott Wadler and Shannon Wilson arranged the financing. The team secured a three-year, floating-rate, interest-only construction loan through Cirrus Real Estate Partners, providing Gatsby Florida with short-term capital to build out the project.
The Palm will be located at 11200 RCA Center Drive in Palm Beach Gardens. Plans call for more than 200,000 square feet of Class A office space, supported by modern amenities geared toward tenant convenience and workplace experience. The office component is designed to sit above a substantial ground-floor retail and restaurant base.
The development program includes approximately 30,000 square feet of ground-floor retail and restaurant space. This portion of the project is intended to activate the street level and support both office users and the surrounding community with food, beverage and service offerings, subject to future leasing.
Parking and on-site amenities are central elements of the design. The Palm will feature an 838-space structured parking garage that includes electric vehicle charging stations, accommodating both office tenants and retail visitors. Additional planned amenities include a rooftop terrace, conference facilities and a fitness center, aimed at supporting tenant retention and attracting new users seeking higher-quality space.
The Palm represents the second asset in Gatsby Florida’s portfolio. It will join DiVosta Towers, which the company notes is fully leased and recently refinanced. With this latest financing in place, Gatsby Florida continues to expand its presence in the Palm Beach Gardens office market through a combination of stabilized and development assets.
