Gatsby Florida Lands $118.6M Loan for Palm Beach Gardens Office
The eight-story, 200,000-square-foot building was approved on the city's books five years ago. Construction financing just caught up to it.
Gatsby Florida has lined up a $118.6 million construction loan to build The Palm, a speculative Class A office and retail tower at 11200 RCA Center Drive in Palm Beach Gardens, with Berkadia arranging the three-year, floating-rate, interest-only debt through Cirrus Real Estate Partners. Construction started this month on the eight-story, roughly 200,000-square-foot office building, plus 30,000 square feet of ground-floor retail and an 838-space garage, on a site just off PGA Boulevard between Interstate 95 and Legacy Place. Delivery is targeted for 2028.
Why it matters
Palm Beach Gardens has become a live front in the Wall Street South migration, and this loan is a bet that demand for new, single-tenant-quality office space north of West Palm Beach still outruns supply. Berkadia’s team, led by Charles Foschini, has now placed debt on Gatsby Florida’s portfolio twice in three months, following a $100.4 million refinancing on the company’s nearby DiVosta Towers campus in June. City records show the office building itself is not a new idea: Palm Beach Gardens approved the same eight-story, 200,000-square-foot design as PGA Station Pod C back in November 2021, meaning the site sat entitled for nearly five years before financing caught up to the plans. For developers watching the PGA corridor, that gap is the more useful data point than the loan amount, it says the entitlement backlog in northern Palm Beach County is now clearing.
The numbers
The loan totals $118.6 million on a three-year, floating-rate, interest-only structure. The building itself spans about 200,000 square feet of office space and 30,000 square feet of retail across eight stories, with 838 parking spaces, on a site Gatsby Florida bought for $17.5 million in 2022. Cirrus Real Estate Partners is the lender of record.
What’s next
With construction underway this month, the next marker for Miami-area developers to watch is pre-leasing activity. Gatsby Florida has said it expects to deliver the building within roughly 24 months, putting completion in 2028, and Berkadia’s brokers have flagged the PGA corridor as having no other new office projects in its current pipeline.