13th Floor, BTI score $14M loan for Riviera Beach home development
JV has sold 15 homes since launching the 500-unit project in July
Fort Lauderdale-based BTI Partners and Miami-based 13th Floor Homes just closed on a $14 million construction loan for their planned single-family home community in Riviera Beach.
Florida Community Bank provided the revolving loan for Arbor Parc, a 500-home development at 4046 Woods Edge Circle, west of I-95. Home prices start at nearly $279,000 and go up to about $337,000 for houses ranging from 1,558 square feet to 2,086 square feet.
Noah Breakstone, managing partner at BTI, said the revolving loan allows the developer to take out financing as needed.
Records show BTI Partners picked up the 42-acre property in 2011 for $1.28 million, or about $31,220 per acre. Land prices were still low following the recession when BTI acquired land throughout Florida by buying municipal bonds related to master-planned and mixed-use communities, a spokesperson said.
13th Floor and BTI’s joint venture sold 15 homes since launching the Riviera Beach project in July, and plans to break ground in October.
Arbor Parc is geared toward millennials and first-time home buyers who may be priced out of the market. In July, the median price of a single-family home in Palm Beach County grew by 4.3 percent to $335,000, while the median condo price increased 5.3 percent to $170,000.
Arbor Parc homes will each feature $30,000 worth of amenities, including granite kitchen countertops, stainless steel kitchen appliances, wood cabinetry and a washer and dryer, according to the release. The development will also offer a community fitness center and pool, walking trails, lakefront observation areas and community parks.
BTI is also working on projects in the Orlando area, and recently secured a $55.26 million tax-exempt bond to fund construction of a resort near Walt Disney World.
13th Floor Investments just completed 1010 Brickell along with developer Key International. The 50-story, 389-unit condo tower has an estimated sellout of more than $262 million. 13th Floor also recently acquired the former site of Boulevard 57 in Miami’s Upper East Side with plans to build a mixed-use rental project with Tricera Capital.