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Developer lands $6.5M construction loan for rental townhouses in Hypoluxo
Rare CRE of Boca Raton arranged the loan for the developer, led by Joseph Basile III of Lantana-based JFB Construction and Development Inc.
The developer of a 44-unit rental townhouse project in Palm Beach County got a $6.5 million loan to finance construction.
The developer is Capo 7 LLC, led by Joseph Basile III of Lantana-based JFB Construction and Development Inc., which also is the project’s general contractor. An affiliate of JFB will manage the property.
Capo 7 is developing The Preserve at Hypoluxo on a site that borders a 97-acre nature preserve in Hypoluxo, a town just north of Boynton Beach.
Each townhouse at the development will have a three-bedroom floor plan and an attached garage.
Expected to open in the winter of 2018, The Preserve at Hypoluxo also will have a two-story, 17,000-square-foot building with five apartments and nine ground-floor retail bays.
Boca Raton-based Rare CRE, led by Nelson Garcia, arranged the $6.5 million construction loan on behalf of Capo 7.
“Securing construction financing is relatively challenging in the current market,” Garcia said in a prepared statement. But Capo 7 qualified for financing due to its extensive experience in development and construction and the project’s “excellent location next to a large nature preserve, minutes from the beach.” – Mike Seemuth