Lynd Group Secures $133M Florida Refi

The Lynd Group has refinanced The Villas at Tuttle Royale, a 401-unit multifamily development in West Palm Beach, Fla. The company secured a $132.5 million bridge loan provided by MF1 Capital to retire its existing construction loan.

New York-based S3 Capital provided the original $126 million construction financing in March 2023. The property, located at 11200 Nicole Dr. in Royal Palm Beach, was completed in the first quarter of this year.

The Villas at Tuttle Royale, a $170 million development, is comprised of 26 three-story buildings. It is located within Tuttle Royale, a 200-acre mixed-use project near US 98 and US 441.

“This new development was appealing for several reasons, particularly the limited availability of rental options in the area,” A. David Lynd, CEO of The Lynd Group, told Multi-Housing News. “When we secured our construction loan in 2023, Royal Palm Beach was one of the few U.S. submarkets still experiencing rent growth, making this project a strong investment.”

He noted that the decision to refinance the property was simple mathematics: “When you borrow at 9 percent at the highest interest rate cost we’ve seen in decades, it sure is nice to refinance about half the cost.”

The community features one-, two-, three- and four-bedroom layouts. Apartment homes at The Villas at Tuttle Royale include private detached garages and carports, quartz countertops, wood-style flooring and smart-home technology. Also, 55 townhomes include private two-car garages.

Community amenities include a two-story clubhouse with a fitness and wellness center, a coffee bar, a sauna, private dining areas, a game room, a community catering area, two lounges, coworking pods, a business center and an outdoor panoramic terrace. Its recreation deck comes with a pool, cold plunge, spa, cabanas, lounge seating, fire pits and an outdoor pool pavilion equipped with gas grills.

Outdoor amenities at The Villas at Tuttle Royale include a golf putting green, bocce and pickleball courts, a volleyball court, soccer fields, a bike path, a children’s playground, a dog park, a summer kitchen, fire pits and lake and field overlooks.

Florida refis

Also in Florida, Slate Hallandale Beach, a 205-unit luxury tower in Hallandale Beach, Fla., landed a $225 million refinancing package earlier this month. The community features units with one- to four-bedroom layouts, including penthouses, ranging from 859 to 3,230 square feet. 

“Now is certainly a good time to refinance if you have maturing debt and if refinancing a construction loan with a bridge or permanent loan, possibly lowering the cost of capital vs. the construction loan,” Joe Iacono, CEO of Crescit Capital Strategies, told MHN. “Rates will probably be sticky around the current level for the foreseeable future.”

Ryan Doyle, senior director of originations, Southeast, Nuveen Green Capital, told MHN that, given the current capital markets environment in which most traditional capital providers remain constrained due to elevated rates and regulatory pressures, C-PACE capital offers much-needed liquidity for both new construction projects and recapitalizations.

“Given the robust development pipeline in recent years in Florida and throughout the Southeast, recapitalizations have become a significant focus for Nuveen Green Capital, mainly since C-PACE capital can be deployed to refinance projects up to three years post-completion in most states,” he said.