Custos Funding, an affiliate of Index Investment Group have closed on a $28 Million land to construction bridge loan for Tuttle Royale Apartments. Bjarne Borg of Index Investment Group and Brian Tuttle negotiated the loan to commence development of the next phase of Tuttle Royale's project Tuttle Royale Apartments in Royal Palm Beach. Kerr Law Group was the legal advisor to Custos Funding, Ward Damon represented Tuttle and Verdex Construction will act as the general contractor.
ROYAL PALM BEACH, Fla., May 24, 2022 /PRNewswire-PRWeb/ -- Custos Funding, an affiliate of Index Investment Group have closed on a $28 Million land to construction bridge loan to Tuttle Royale Apartments. Bjarne Borg of Index Investment Group and Brian Tuttle negotiated the loan to commence development of the next phase of Tuttle Royale's project Tuttle Royale Apartments in Royal Palm Beach. Kerr Law Group was the legal advisor to Custos Funding, Ward Damon represented Tuttle and Verdex Construction will act as the general contractor.
A 390-unit apartment complex within the Tuttle Royale site has already been completed and is 99% occupied. This loan will commence the next step of the project for another 400 rental apartments and thereafter creating a "CityPlace" for the western communities following a final plat approval from the village of Royal Palm Beach for the 200-acre property in March. The apartment project is anticipating breaking ground this summer and later on a commercial center with 400 apartments, 100-150 single-family homes, a regional park, and an up to 1,500-student K-12 school. Site work will commence shortly after closing.
"It has been an intense period of discussions since we first engaged in the deal in April with closing less than a month after issuing the indicative term sheet. This was not a plain vanilla deal as it had many moving parts, but Brian Tuttle and his team have worked expeditiously and efficient together with our team to get this to a quick closing" said Bjarne Borg, CEO and Executive Chairman of Index Investment group.
"We are excited to move ahead with executing on this extensive master planned development. Working with Bjarne Borg and the Custos/Index team has been a pleasure and has proven to be a significant milestone in making Tuttle Royale a reality" said Brian Tuttle CEO and Owner of Tuttle Royale.
Tuttle Royale is a privately-owned family company with almost 20 years of impressive experience in real estate investment. Our company searches the markets in central and south Florida for tracts of raw, undeveloped land in various stages of development to purchase. In addition, we acquire tracts of distressed land for example; environmental issues, challenging rezoning issues, difficult sellers, wetland issues or small and fragmented pieces.
Custos Funding is the lending arm within Index Investment Group that focuses on complex financing projects with quick turnaround times. The real estate arm of Index Investment Group has made numerous significant investments in industrial/logistics facilities and multi-family rental communities along the East Coast of the United States. The Jupiter-based real estate investment company has ongoing and completed twenty-five developments throughout North America since 2011, including nearly 3 million square feet of commercial-industrial opportunities in the Upstate New York market.
About Index Investment Group
Index Investment Group is a dynamic real estate investment group based in Jupiter, Florida that has major investment initiatives throughout North America including apartment communities, industrial/logistics, office, hospitality, and senior living communities. Index Investment Group develops intelligently designed properties throughout the East Coast of United States with a focus on Florida and contributes to the community through valuable and meaningful investments. For more information about Index Investment Group, visit http://www.indexinvest.com.
Media Contact
Joacim Borg, Index Investment Group, +1 561-571-0367, [email protected]
SOURCE Index Investment Group
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