News March 22, 2023
Savanna Nabs $55M Construction Loan for First South Florida Venture
Commercial Observer reported that Savanna has secured $55 million in financing from Madison Realty Capital for a luxury condo project in West Palm Beach. The Olara, a 275-unit complex with two, 26-story towers faces the Intracoastal Waterway, about two miles north of the city’s downtown. The financing includes a $5 million mezzanine loan and $50 million to fund the construction, which is projected to end in 2026. Designed by Arquitectonica, the building will feature a 30,000-square-foot grocery store and restaurant on the ground floor, helmed by a yet-to-be-named celebrity chef. The development will also feature an 80,000-square-feet amenities deck on the sixth floor and a private marina by the Intracoastal Waterway.