Estate Companies Secures $72.5 Million Financing for Downtown West Palm Beach Development
Published Date: August 18, 2024
The Estate Companies (EIG), a luxury apartment developer, has obtained a $72.5 million construction loan from Synovus Bank for its new mid-rise development, Soleste Palm Station, in downtown West Palm Beach. Located at 520 N. Rosemary Ave., the project will feature 321 apartments spread across two eight-story buildings, with construction set to begin in the fourth quarter of 2024.
Soleste Palm Station will offer a variety of living spaces, including studios, one-, two-, and three-bedroom apartments, ranging from 330 to 1,265 square feet. Each unit will come with modern kitchens, Quartz countertops, stainless-steel appliances, designer lighting, and terraces with city views.
The development will boast a range of community amenities, such as a resort-style pool with cabanas, a health club with yoga, spin, and aerobics rooms, a social and gaming lounge, a cyber lobby with co-working spaces, a dog park, and a pet washing station. Additional features will include dry cleaning and laundry services, an outdoor summer kitchen, and electric car charging stations.
Carlos Lopez, CFO of EIG, expressed enthusiasm about the project, highlighting its role in providing “attainable housing opportunities” and contributing to the revitalization of the North Downtown area and the historic Rosemary Avenue corridor.
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