The Real Deal Miami

Most units at boutique condo in Deerfield have sold

Boca-based Group P6 is building the nine-unit Fordham condominium one block from the ocean

June 26, 2016 02:00PM

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Rendering of the Fordham condominium in Deerfield Beach

Rendering of the Fordham condominium in Deerfield Beach

Boca Raton-based Group P6 has sold five of nine units at the Fordham, a boutique condominium under construction in Deerfield Beach. The remaining unsold units include a penthouse priced at $550,000.

Group P6 broke ground in January for the Fordham at 51 Southeast 19 Avenue in Deerfield Beach, one block from the Atlantic Ocean. Construction was expected to take 12 months.

Group P6 also is building another low-rise condominium with seven units called Elysian on a nearby site.

The development company, owned by a Venezuelan family and led by co-operating manager Ignacio Diaz, purchased the land for the two condo developments in 2014.

Mercantil Commercebank extended a $4 million loan to finance construction of the Fordham and Elysian projects, which are expected to generate about $10 million in sales.