NEW YORK, March 31, 2023 (GLOBE NEWSWIRE) — Madison Realty Capital, a vertically integrated real estate private equity firm focused on debt and equity investment strategies, today announced that the firm has provided a $55.1 million loan to Savanna, a New York City-based real estate investment and development firm, for Olara, West Palm Beach’s anticipated new luxury waterfront condominium tower.
Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital, said, “Palm Beach has seen steady population growth over the last ten years, a trend which accelerated during the pandemic as more businesses began relocating to Palm Beach County. The ongoing influx of established financial services businesses to the county continues to drive demand for both luxury rentals and condominiums. Savanna navigated a complex acquisition process and successfully completed a rezoning that increased density at Olara, and we are pleased to provide a flexible financing solution so that they may capitalize on the opportunity set in West Palm Beach as its economy continues to thrive.”
“Josh’s team understands our vision to create a live-work-play destination along the West Palm Beach waterfront at Olara,” said Andrew Kurd, Co-Chief Investment Officer at Savanna. “Madison Realty Capital’s experience executing with certainty in South Florida made them the right team for us to move forward with on this exciting new development.”
Located at 1919 North Flagler Drive, Olara will offer expansive views of the Intracoastal Waterway, Palm Beach, and the Atlantic Ocean and feature 80,000 square feet of resort-inspired amenities. The condominium tower will feature 275 private residences, as well as a ground-floor restaurant and epicurean marketplace. The property will offer a mix of holistically designed two- to four-bedroom plus den homes with floor to ceiling windows, terraces, and high-end appliances. Olara will include a private suite of indoor and outdoor amenity space including multiple pools, a spa, fitness center, resident lounges, and co-working spaces. The property will also include 836 parking spaces and a private marina with boat services on the Intracoastal Waterway.
The property was designed by Miami-based architectural design firm Arquitectonica with interiors designed by Gabellini Sheppard Associates. Olara launched sales and leasing through Douglas Elliman Development Marketing in January 2023.
Eastdil Secured represented Savanna on the transaction.
About Madison Realty Capital
Madison Realty Capital is a vertically integrated real estate private equity firm that, as of December 31, 2022, manages approximately $10 billion in total assets on behalf of a global institutional investor base. Since 2004, Madison Realty Capital has completed approximately $22 billion in transactions providing borrowers with flexible and highly customized financing solutions, strong underwriting capabilities, and certainty of execution. Headquartered in New York City, with an office in Los Angeles, the firm has more than 70 employees across all real estate investment, development, and property management disciplines. Madison Realty Capital has been named to Commercial Observer’s prestigious “Power 100” list of New York City real estate players every year since 2016 and was recognized In March 2023 by PERE as the Debt Firm of the Year, North America for Fiscal Year 2022. To learn more, follow us on LinkedIn and visit www.madisonrealtycapital.com.
Savanna is a vertically integrated real estate investment and development firm that has been in operation since 1992, with approximately 80 employees and a senior management team averaging 24 years of experience in the real estate industry. Founded in 1992, our firm is a well-established owner, operator, and developer with expertise across the office, retail, residential and industrial sectors. In 2020, Savanna extended its platform into Florida with offices in Miami and West Palm Beach. Over our 30-year history, we have built a platform designed to identify well-located properties with strong potential and capitalize on those opportunities through intensive development plans and leasing efforts. Our asset-specific approach ensures that a tailored plan is thoughtfully developed and implemented for each building, with a focus on delivering high-quality tenant experiences. Savanna’s vertically integrated platform encompasses in-house teams including acquisitions and asset management, leasing, project management, construction management, property management, legal, compliance, financial reporting, investor relations, and operations.
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