13th Floor, BTI score $14M loan for Riviera Beach home development

JV has sold 15 homes since launching the 500-unit project in July

Sep.September 05, 2017 12:00 PM

Rendering of Arbor Parc and Noah Breakstone

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.

Related Articles

These real estate power players are involved in 2019’s juiciest lawsuits (Credit: Getty Images)

Here are South Florida’s juiciest lawsuits of 2019

Best of TRD 2019 promo

Coming soon: The Real Deal’s Best of 2019

Brickell Flatiron and Ugo Colombo

Ugo Colombo pays off $236M construction loan for Brickell Flatiron

Madison Realty Capital'a Josh Zegen and Fort Partners' Nadim Ashi  

Four Seasons in Fort Lauderdale scores $210M loan

From left: Andrea and Renzo Rosso

Diesel family dishes on Wynwood condo project

Daily Digest Miami

LVMH in early talks to buy Tiffany for $16B, Riviera Beach residents being evicted

Daily Digest Miami

South Florida home sales struggle in October, Cipriani and Terra plan luxury condo

Rendering of Sailboat Bend II

Affordable housing project in downtown Fort Lauderdale lands $27M loan