UPDATE, July 9, 9:40 a.m.: Royal Palm Companies secured a $64.7 million construction loan for its planned 293-unit Dania Beach multifamily project.

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The Miami-based developer had bought the 4.1-acre vacant property for $8 million in June.

Royal Palm, in partnership with developer Rafael Pecchio, plans to build Elevate Apartments at 600 East Dania Beach Boulevard, according to a news release. Trez Capital provided the financing. Trez’s Ben Jacobson originated the loan.

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Elevate Apartments will include studio- through two-bedroom units, from 700 to 1,000 square feet, according to the release. The amenities will include a pool deck, gym and storage for water sports equipment.

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Led by CEO Dan Kodsi, Royal Palm’s $3.5 billion portfolio includes mixed-use, multifamily, condominium and planned residential communities, according to its website. In total, Royal Palm has developed or repositioned more than 6,000 units across 50 projects in Florida.

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In December, Royal Palm bought a 1.5-acre piece of the Miami Worldcenter mixed-use project in downtown for $33.9 million with plans to build Legacy Hotel & Residences. The 50-story tower will have a 256-key hotel beneath 274 branded residences.

Trez Capital, led by Morley Greene, is a real estate investor and provider of private commercial real estate debt and equity financing, with more than $3.9 billion in assets under management, according to its website. It has offices across Canada and the U.S.

Dania Beach, a coastal city north of Fort Lauderdale, is experiencing some redevelopment with several projects on the rise. Estate Companies scored a $55.5 million construction loan in February for the eight-story Soleste Cityline with 340 multifamily units and retail.