National Realty Investment Advisors plans 14 townhomes in Boynton Beach

The developer secured a $16.5M loan from Trez Forman

Miami /
Jun.June 11, 2018 04:30 PM

Renderings of townhomes

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.


Related Articles

arrow_forward_ios
Alex Sapir and Giovanni Fasciano with Arte by Antonio Citterio in Surfside (Photos via Arte by Antonio Citterio/PR Newswire)
Miami penthouse sets cryptocurrency sale record: $22.5M
Miami penthouse sets cryptocurrency sale record: $22.5M
American Land Ventures President Granvil Tracy and Isram Realty founder and chair Shaul Rikman with 630 East Woolbright Road (Google Maps)
American Land Ventures, Isram Realty score $85M construction loan for Boynton Beach apartments
American Land Ventures, Isram Realty score $85M construction loan for Boynton Beach apartments
2828 South Seacrest Boulevard with ShareMD executives John Bardis and George Scopetta (Google Maps, LinkedIn)
ShareMD buys Boynton Beach medical office building for nearly $7M
ShareMD buys Boynton Beach medical office building for nearly $7M
Healthpeak Properties CEO Thomas Herzog. (Healthpeak, Sonata)
Fortress buys three Palm Beach County assisted living facilities for $30M
Fortress buys three Palm Beach County assisted living facilities for $30M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Eden Multifamily heads Jay Massirman and Jay Jacobson with Cypress Equity Investments CEO Michael Sorochinsky (rendering courtesy of MSA Architects)
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
(iStock)
Home prices across globe hit records, prompting worries of bubble
Home prices across globe hit records, prompting worries of bubble
Steven and Beth Millner with One Thousand Ocean (Patrick McMullan/Getty, Google Maps)
Private equity honcho pays $5M for Boca Raton condo
Private equity honcho pays $5M for Boca Raton condo
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...