Luxury apartment developer The Estate Companies (EIG) secured a $72.5 million construction loan from Synovus Bank for Soleste Palm Station, a mid-rise development in downtown West Palm Beach. 

Located at 520 N. Rosemary Ave., the community will have 321 apartments in two eight-story buildings. Closing of the financing package took place July 29. EIG expects to break ground in the fourth quarter. 

Totaling 298,371 square feet, Soleste Palm Station will deliver a mix of studios, one-, two and three-bedroom apartments ranging from 330 to 1,265 square feet. Interiors will have modern kitchens, Quartz countertops, stainless-steel appliances, designer lighting and terraces with city views. 

Community amenities will include a resort-style pool with cabanas, health club with yoga, spin and aerobics rooms and a social and gaming lounge, cyber lobby with co-working spaces, dog park and pet washing station, dry cleaning and laundry services, outdoor summer kitchen and electric car charging stations. 

“We’d like to thank Synovus for being a great financial partner to us and are thrilled to break ground on this beautiful, community-oriented development that will provide much needed attainable housing opportunities for residents,” EIG CFO Carlos Lopez said in a press release. “Soleste Palm Station serves as the gateway to the expansion of the North Downtown area and is integral to the ongoing revitalization taking place along the historic Rosemary Avenue corridor.” 

Community amenities will include a resort-style pool with cabanas, health club with yoga, spin and aerobics rooms and a social and gaming lounge. Courtesy of Soleste Palm Station.