Kolter and Rockpoint Land $108M Loan for Palm Beach Gardens Rental

Developer Kolter Group and private equity firm Rockpoint have secured $107.8 million to build a garden-style multifamily project in Palm Beach Gardens, Fla., property records show.

PNC Bank provided the construction debt for the Sutton, a five-story, 432-unit development just north of North Military Trail, west of Dixie Highway. Amenities will include a pool, a gym, coworking rooms, a resident lounge, a dog park, and a children’s playground.

Earlier this week, the joint venture closed on the $30 million purchase of the 17.6-acre site that housed the Hilltop Gardens Mobile Home Park. Construction is expected to be completed in 2028.

“Our selective development strategy allows us to focus on submarkets like Palm Beach Gardens that are highly supply constrained and have demand for newer vintage apartment living,” Dan Domb, a managing member and COO at Rockpoint, said in a statement.

Both Rockpoint and Kolter are active players in South Florida. In June, Kolter, which focuses on residential development, nabbed a $92 million construction loan for a 386-unit, Live Local Act project in Delray Beach, where the firm is based.

In February, Boston-based Rockpoint, alongside 13th Floor Investments, nabbed $100 million in debt to build a transit-oriented multifamily project in Boca Raton. The private equity firm is also a backer of Related Group’s oceanfront, 56-unit luxury condo project in Bal Harbour.