Developer scores $39M construction loan for waterfront Lantana apartments

Trinsic Residential Group bought the site in January 2015 for about $6M

Sep.September 23, 2016 11:15 AM

From convent to luxury apartments.

The 10-acre site of the former Cenacle Sisters of Lantana convent is one step closer to becoming a luxury apartment development. Trinsic Residential Group closed on a $38.8 million construction loan for the property at 1400 South Dixie Highway, Palm Beach County records show. TD Bank is the lender.

Trinsic plans to build a 250-unit complex with one-, two- and three-bedroom apartments, as well as about 10,000 square feet of ground floor retail space. The apartments will be in two five-story buildings with detached garages and surface parking.

Amenities at Aura Seaside will include a waterfront clubhouse with a cafe, conference center, lounge, two-story fitness center, a resort-style pool with cabanas and a Jacuzzi, an outdoor pavilion along the seawall, as well as a fenced-in dog park, according to the developer’s website.

Trinsic bought the site in January 2015 for about $6 million, but was involved in zoning changes for the site in 2014. Kast Construction Company and Trinsic filed a notice of commencement with the county on Wednesday.

The Dallas-based developer and investor focuses on suburban, high-end garden-style properties as well as urban areas, according to Trinsic’s website. It’s active in Florida, Texas, Arizona, Oregon and Washington.

Aura Seaside is slated to open during the fourth quarter of next year.

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