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South Florida

SOFA Delray development scores $29.7M loan

SOFA Delray, a 172-unit project in Delray Beach
SOFA Delray, a 172-unit project in Delray Beach

SunTrust Bank has provided a $29.7 million mortgage for the SOFA Delray apartment project.

RD Delray LLC, an affiliate of Miami-based the Related Group, arranged the loan to develop its 172-unit project in Delray Beach, according to the South Florida Business Journal. SOFA refers to the expression “South of Atlantic.”

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The funds will be divided between buildings of 117 and 55 units. The buildings were designed by Delray Beach-based Richard Jones Architecture.

The project is located at 124 through 158 Southeast Second Avenue and 155 through 189 Southeast Third Avenue. Demolition of existing buildings has already begun. [SFBJ] – Christopher Cameron