Tuttle Land Investments has refinanced the commercial portion of its 200-acre project Tuttle Royale in Royal Palm Beach.
Tuttle Royale is a 200-acre mixed use project at the corner of State Road 80 (Southern Blvd.) and State Road 7. The project is planned for 1,600 apartments, 100 single-family homes, a 1,500-student charter school, an 11-acre regional park, 125,000 square feet of grade A office space and a 275,000-square-foot town center.
Tuttle Land Investments has refinanced the 40-acre commercial center, which is planned to contain the office space, as well as restaurants, services, a commercial center and 400 apartments.
The new loan was made by the Fuse Group out of Miami for the amount of $24 million for a two-year period. The loan was used to refinance several current lenders and prepare the land for development. Tuttle Land Investments intends to break ground on the project in the first quarter of 2022. The loan was brokered by the Aztec Group out of Miami.