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Single-family home developer scores $16M construction loan in Palm Beach County
Plans reveal a 141-unit luxury home neighborhood with homes ranging from $360k to $440k
Home Dynamics Corp., a Boca Raton-based homebuilder, just scored a $16 million construction loan for its planned Silverleaf community in Lake Worth.
Records show Home Dynamics Silverleaf LLC, an entity of Home Dynamics Corp. received the loan from BB&T Bank.
The company plans 141 homes at 7786 Lantana Road in Lake Worth, with prices ranging from $359,990 to $439,990, according to its website. The neighborhood will feature a pool and cabana, walking paths, a playground and a private lake.
Home Dynamics Corp. could not be immediately reached for comment.
Records show Home Dynamics Silverleaf LLC bought the 39-acre site last year for $9.8 million from Lantana Farm Associates, an entity of the family-run, rural land owner Mecca Farms.
Earlier this month, at a Palm Beach County Housing Summit in West Palm Beach, officials discussed the county’s residential market. Edward “Ned” Murray, associate director of the Florida International University Metropolitan Center, said the county’s medium home price of $327,000 is “not affordable for 75 percent of county residents, or about 400,000 people.”
According to the Realtors Association of the Palm Beaches the median price of single-family homes in May rose 7.9 percent to $335,000 from $310,500. Residential sales increased by 5.8 percent to 3,188 from 3,012 in May of the previous year.
Home Dynamics’ portfolio includes homes in Orlando, Boynton Beach and Tamarac, as well as a custom luxury home project in Boca Raton and a town home rental community in Naples, according to its website.