Berkadia has arranged a $118.6 million construction loan on behalf of Gatsby Florida for The Palm, Palm Beach Gardens, a planned eight-story, 200,000-square-foot office and retail development in the PGA corridor of northern Palm Beach County. The financing matters because it signals continued capital availability for ground-up commercial development in a South Florida submarket that has drawn sustained interest from office tenants and investors, even as broader U.S. office construction has slowed. The loan was secured through Cirrus Real Estate Partners, with construction scheduled to begin soon and completion targeted for 2028.
The loan is structured as a three-year, floating-rate, interest-only facility, according to the source. The Berkadia team was led by Charles Foschini, Scott Wadler and Shannon Wilson. The development, located at 11200 RCA Center Drive, will include more than 200,000 square feet of Class A office space, approximately 30,000 square feet of ground-floor retail and restaurant space, an 838-space structured parking garage with EV charging stations, a rooftop terrace, conference facilities, and a fitness center. The project will be the second asset in Gatsby Florida's portfolio, joining the fully leased and recently refinanced DiVosta Towers.
The evidence comes from a single full-text report published by Connect CRE on September 1, 2026. The source is a secondary trade publication, and the dossier does not include corroborating documents such as loan agreements, property records, or statements from Gatsby Florida, Berkadia, or Cirrus Real Estate Partners. Key details—including the $118.6 million loan amount, the 2028 completion timeline, the 200,000-square-foot office component, and the 30,000-square-foot retail component—are drawn directly from that report. No additional market statistics, tenant commitments, or capitalization figures are available in the dossier, and none should be inferred.
The transaction has implications for the northern Palm Beach County office and retail market. A ground-up Class A office development of this scale suggests developer confidence in demand within the PGA corridor, a submarket that has benefited from corporate relocations and demographic growth. The inclusion of structured parking, EV charging, and amenities such as a rooftop terrace and fitness center reflects a broader shift toward higher-quality, amenity-rich office product. The floating-rate, interest-only structure also indicates that the borrower and lender are accepting near-term interest rate exposure, a notable choice given the multi-year construction timeline.
Several limitations apply. The dossier does not disclose the loan-to-cost ratio, sponsor equity contribution, pre-leasing status, or any anchor tenant commitments. It also does not provide information on Cirrus Real Estate Partners' underwriting criteria or the project's total development cost. Because the evidence is limited to one secondary source, the analysis cannot independently verify the loan terms or project specifications. Future reporting should watch for construction commencement, leasing announcements, and any amendments to the loan as the 2028 completion date approaches.