The Real Deal Miami

Delray apartments score $29M construction loan

First phase was officially completed Tuesday
A rendering of the 395-unit apartment community currently under construction in western Delray Beach

A rendering of the 395-unit apartment community currently under construction in western Delray Beach

Florida Crystals hit another milestone on Tuesday during its first foray as a multifamily developer, with a $29 million financing deal for its apartment project in western Delray Beach.

The project is a 395-unit multifamily development on a 33-acre property on the eastern side of Florida’s Turnpike near Atlantic Avenue.

Through its affiliates FC Atlantic Commons Phase I and Phase II, the company purchased the land in 2011 for just under $10 million, according to Broward County property records.

The project site

The project site along Florida’s Turnpike

Florida Crystals, a sugar producer based in West Palm Beach, began construction on the first phase in early 2014. That includes 214 units split between 12 buildings, along with a clubhouse, pool gazebo and sound barriers to protect the community from highway noise.

That portion of the development was funded with a $24.715 million loan from JPMorgan Chase Bank.

Documents were filed Tuesday showing that work is finished on the first phase. Now, with its $29 million in financing from PNC National Bank, work is expected to begin on the second phase immediately.

The second phase will round out the community with another 181 units, split again between 12 buildings. Sound barriers have already been erected around that section of the development, according to public records.