Dealmaker: Madison Realty Capital Originates $55M for West Palm Beach Residences

(Rendering of Olara, West Palm Beach, Fla., Image courtesy of Binyan Studios.)

Madison Realty Capital, New York, provided $55.1 million to Savanna, New York, for Olara, a waterfront condominium tower in West Palm Beach, Fla.

Eastdil Secured, New York, represented Savanna on the transaction.

Madison Realty Capital Managing Principal and Co-Founder Josh Zegen said Palm Beach has seen steady population growth over the last ten years, a trend that 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,” Zegen said. “Savanna navigated a complex acquisition process and successfully completed a rezoning that increased density at Olara, and we are pleased to provide flexible financing so they may capitalize on the opportunity set in West Palm Beach as its economy continues to thrive.”

Andrew Kurd, Co-Chief Investment Officer at Savanna, said his firm wants Olara to be a live-work-play destination along the West Palm Beach waterfront.

Located at 1919 North Flagler Drive, Olara will offer views of the Intracoastal Waterway, Palm Beach and the Atlantic Ocean and include 80,000 square feet of resort-inspired amenities. The condominium tower will have 275 private residences, a ground-floor restaurant and a private marina with boat services on the Intracoastal Waterway.