Ram Realty nabs land and financing for Deerfield project

Deerfield Station will feature 226 apartments, retail space

Dec.December 11, 2017 02:01 PM

Ram CEO Casey Cummings, rendering of Ram Realty Services (Credit: Ram Realty Services)

Ram Realty Services just closed on the purchase of a site and construction financing for a mixed-use project in Deerfield Beach, property records show.

Ram affiliate RRPIV Deerfield Station LLC paid $6.6 million for the 8-acre property on West Hillsboro Boulevard and Southwest 12th Avenue. The developer also closed on a $29.3 million loan for the property. IberiaBank is the lender, records show.

Michael Harstad, vice president of construction for the company, said Ram plans to break ground on Deerfield Station, a 226-unit apartment complex with 7,675 square feet of retail space, in the first quarter of next year. It would be completed in the second quarter of 2019.

Records show PNC Bank affiliate Bancshares Realty LLC sold the development site to Ram. The property, next to the Deerfield Beach Tri-Rail Station, was once slated to become a $180 million retail-and-residential complex with office, parking and hotel components centered around public transportation, according to the Sun Sentinel. It was auctioned off in 2014.

New development in Deerfield includes Group P6’s Elysian and Fordham condo buildings, and Pioneer Grove, a 119-acre redevelopment of the city’s old downtown.

Ram, based in Palm Beach Gardens, has commercial projects throughout the Southeast.

Last week, a Ram development in south Miami-Dade hit a roadblock when a federal judge ordered a stop to bulldozing at the site due to environmental concerns.

Related Articles

Praxis of Deerfield Beach Apartments and MRK Partners CEO Sydne Garchik

Affordable senior housing in Deerfield Beach sells for $24M

3201 Southwest 15th Street (Credit: Google Maps)

“Chicken Soup for the Soul” publisher sells Deerfield Beach building

State report finds open gas valve fueled building explosion at Plantation shopping center

Bayside Marketplace is planning another high-rise entertainment venue with a view

Construction of downtown Hollywood high-rise may start soon

South Florida firm, partner acquire Tampa office building for $29.4M

Developer borrows $105M, breaks ground for mixed-use Flagler Village project

Moishe Mana plans mixed-use project with logistics theme next to airport in Panama