An apartment building project of 319 units in Boynton Beach is in preparation after developers received a $ 84.9 million home loan.
Miami-based American Land Ventures and their joint venture partner, Hallandale Beach’s Isram Realty Group, have already started development on 630 East Woolbright Road, according to Angelo & Banta attorney Tom Angelo, who represented the borrowers.
The Pacific Life Insurance Company is the lender.
The development includes a 10-story apartment building, an eight-story garage with 590 spaces, and a retail store on the first floor, all on 6.2 acres. Construction should be completed in about 22 months, Angelo said.
American Land Ventures, led by Granvil Tracy, is focused on multi-family and land development. Isram Realty – founded by Chairman Shaul Rikman and led by Roni Soffer and Mati Rikman – has a portfolio of 2.5 million square feet of shopping malls and 1,300 apartment buildings in Florida and New York City, according to its website.
Multi-family home finance has flowed into South Florida in the past few months.
Affiliated Development took out a $ 34.1 million home loan for the 200-unit Bohemian in Lake Worth Beach in April. The project includes 44 housing units for workers.
Merrimac Ventures secured $ 72 million home loan in Plantation in May. And Eden Multifamily and Cypress Equity Investments began construction of Eden West in Tamarac after receiving a $ 23.7 million home loan and $ 8.6 million preferred equity stake in April.
In the most recent multi-family purchase, investor and motivational speaker Grant Cardone bought an apartment complex in Boca Raton for $ 69 million in cash.