Steven Tananbaum Of GoldenTree Asset Management Provides $125M Loan For South Flagler Condo Project

The asset involved in this transaction is a development site located at 1355 South Flagler Drive in West Palm Beach, encompassing an area of 3.4 acres. The total loan amount for the project is $125,000,000, which will be utilized for the South Flagler House condo project. This deal includes a significant portion of a larger $600 million debt package for the development, with $475 million sourced from a senior loan with Bank OZK.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $125,000,000
• Address: 1355 South Flagler Drive
• Market: West Palm Beach
• Asset Size: 3.4 acres
• Lender: Steven Tananbaum - GoldenTree Asset Management; Tyler Tananbaum & Sam Zuckert - TZ Capital
• Landlord: Stephen Ross - Related Ross
• Loan Type: Mezzanine

This transaction marks TZ Capital’s first major investment since its inception in 2023, driven by founders Tyler Tananbaum and Sam Zuckert. The involvement of GoldenTree Asset Management highlights the collaborative effort behind the financing structure of this considerable development project.