### Savanna Secures $380M Financing for Olara Waterfront Project in West Palm Beach
Savanna has secured $380 million in construction financing for its Olara waterfront condominium project in West Palm Beach. The financing comes from a consortium that includes One Investment Management, Sculptor Real Estate, Octo Capital, and Zeckendorf Development. A Newmark team led by Adam Spies, Adam Doneger, and Nick Scribani represented Savanna in the transaction.
Olara will feature a 26-story tower designed by Bernardo Fort-Brescia, founder of Arquitectonica. Located at 1919 N. Flagler Drive, the development will include approximately 287 private condominium residences. Residents will have access to a private, sixth-floor suite of indoor and outdoor amenities. Gilbane Building Company and SavCon are leading the construction, which is currently underway.
However, the financing does not cover a separate 170-unit apartment project that the company is building in an adjacent tower.
Olara’s luxury amenities will include a 13,000-square-foot fitness center, two swimming pools, and a spa. Residents will also enjoy direct water access via a private dock.
Savanna, founded in 1992, is a vertically integrated real estate investment manager, known for its extensive experience in real estate development and investment.
