The Real Deal Miami

Ram begins construction on Boynton apartments with $47M loan

Community will bring 350 luxury units to building when completed in 2017

June 03, 2016 04:30PM
By Sean Stewart-Muniz

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Rendering of Cortina

Rendering of Cortina

With $47 million worth of financing in hand, Ram Realty has begun construction on its modern-style Cortina apartment complex in Boynton Beach.

The developer simultaneously closed on its loan from JPMorgan Chase Bank and filed a notice of commencement to break ground on the complex Friday, according to county property records.

Cortina will be a seven-building complex with a combined 350 luxury units on the eastern side of Renaissance Commons Boulevard, between Old Boynton Road and East Gateway Boulevard.

Though rental rates have yet to be released, Ram has said the community will boast amenities like a 24-hour fitness center, clubhouse, business lounge, outdoor kitchen, children’s playground, pool and spa area.

The news follows Ram’s $15.75 million acquisition of the 14.4-acre Cortina development site in March. Ram seems to working on schedule as it said at the time Cortina would break ground in May, with an estimated completion date in Spring 2017.

The project will be part of the 45-acre Boynton Village development that’s slated to bring more than 1,000 condos, apartments and single-family homes to the city.

“We are excited to begin construction at the Cortina site and bring a modern take to Class A apartments in Boynton Beach,” Hugo Pacanins, managing director of multifamily development at Ram, said in a statement. “Residents will enjoy a walkable lifestyle that is rare in Boynton Beach in addition to a host of best-in-class amenities.”