Compson scores $25M loan for new Boynton apartments
Compson Associates just scored $24.56 million in financing for its upcoming Santorini apartment complex in Boynton Beach, which broke ground Thursday.
The loan, provided by Bank of the Ozarks, covers a 3.34-acre development site at 1645 Renaissance Commons Boulevard, within the Renaissance Commons mixed-use development.
Compson is now building two six-story apartment buildings with a combined 226 luxury units, the developer said.
Santorini is expected to open in 2017.
As reported in the Palm Beach Post, the developer is making Santorini a “mirror image” of its Compson Place apartments across the street because the first complex performed well. In Boynton’s downtown area, Compson is in the midst of developing Tower 155, a 170-unit condo tower.
Besides Compson, Ram Realty is also building a 350-unit apartment community in the Renaissance Commons development. The real estate firm bought 14.4 acres of land in the area last month for $15.75 million, and announced plans for the community shortly after.