National Realty Investment Advisors plans to build 14 townhomes on 2 acres in Boynton Beach, after securing a $16.5 million loan from a Florida commercial bridge lender.
The developer bought the land at 30 Briny Breezes Boulevard from Pelican Beach Group LLC, led by David Rinker, for $5.4 million, property records show.
National Realty Investment Advisors secured the $16.5 million loan from Trez Forman, which will cover the land and development of the townhomes. Trez Forman’s president and CEO Brett Forman arranged the transaction, according to a release.
The 14 townhomes will be three stories tall and include an elevator, rooftop deck, splash pool and two-car garage. They will have three bedrooms, four-and-a-half bathrooms in 3,400 square-feet.
NRIA focuses on ground-up construction and the renovation of townhomes, condominiums, and multifamily rental developments in the Northeast, according to its website.
Trez Forman has been an active lender in the South Florida market in recent months. Last month, the group closed on a $3.5 million acquisition loan for a property in Palm Beach that is set to be redeveloped into a new spec home, according to the release.
In April, the company completed a $17 million construction loan for the 30 Thirty North Ocean boutique condominium project in Fort Lauderdale Beach.
Trez Forman is a joint venture formed in 2016 by Boynton Beach-based Forman Capital and Vancouver-based Trez Capital Group. It had more than $200 million in completed deals in the first quarter of 2018. According to the release, the venture is on track to close more than $500 million in deals in 2018.