Savanna, a New York City-based real estate investment and development firm, recently secured financing from Madison Realty Capital, a vertically integrated real estate private equity firm for Olara, West Palm Beach’s anticipated new luxury waterfront condominium tower.
Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital, said, “Palm Beach has seen steady population growth over the last ten years, a trend which 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. Savanna navigated a complex acquisition process and successfully completed a rezoning that increased density at Olara, and we are pleased to provide a flexible financing solution so that they may capitalize on the opportunity set in West Palm Beach as its economy continues to thrive.”
“Josh’s team understands our vision to create a live-work-play destination along the West Palm Beach waterfront at Olara,” said Andrew Kurd, Co-Chief Investment Officer at Savanna. “Madison Realty Capital’s experience executing with certainty in South Florida made them the right team for us to move forward with on this exciting new development.”
Located at 1919 North Flagler Drive, Olara will offer expansive views of the Intracoastal Waterway, Palm Beach, and the Atlantic Ocean and feature 80,000 square feet of resort-inspired amenities. The condominium tower will feature 275 private residences, as well as a ground-floor restaurant and epicurean marketplace.
The property was designed by Miami-based architectural design firm Arquitectonica with interiors designed by Gabellini Sheppard Associates. Olara launched sales and leasing through Douglas Elliman Development Marketing in January 2023.
Eastdil Secured represented Savanna on the transaction.