Two months after breaking ground on its apartment project in Lake Worth, the AHS Development Group has closed on an $11 million construction loan.
AHS, which is based in Miami, started construction on its Village at Lake Osborne apartment community in August. The loan was issued October 15th by TD Bank, according to Palm Beach County property records.
The project includes 118 units housed in three “Key West style” buildings, all of which will be three stories, located at 2430 Lake Worth Road. Amenities will include a manmade lake, surface parking and an on-site pool.
Construction is being handled by the in-house contractor, AHS Construction.
AHS first purchased the vacant 4.8-acre lot in 2013 for $1.25 million, property records show. That price breaks down to roughly $6 a square foot.
According to its website, the developer has two more apartment projects under construction: The Place at Dania Beach, with 144 units and 8,000 square feet of ground floor retail, and the Village at Princeton Grove, which has 216 garden-style apartments in Princeton, Florida.
Both of those projects broke ground within the last two years and are expected to open in 2016.