Another apartment development at the Park at Broken Sound in Boca Raton just scored construction financing.
Dallas, Texas-based Trinsic Residential Group secured a $56.5 million loan from TD Bank for Aura Boca, a 322-unit luxury rental project at 789 West Yamato Road, property records show.
The eight-story apartment building is expected to open in the summer of 2020, according to the developer’s website. The project will include a fitness and spin center, community pool, clubhouse and a seven-story parking garage.
Units at Aura Boca will range from one to three bedrooms with nine and 10-foot ceilings.
Records show Trinsic Residential also transferred ownership of the 3.8-acre site to an affiliate of the company for $12.88 million. The firm develops suburban, institutional apartment communities in Florida, Texas, Washington and Arizona, according to its website.
Last year, developers Jimmy Tate and Sergio Rok sold a new luxury rental complex in the Park at Broken Sound to GID for $92.1 million. Allure by Windsor, a 282-unit apartment community at 6750 Congress Avenue, traded hands about a year after it was completed for about $327,000 per unit. It was one of the first rental projects to be developed in the park after it was rezoned to allow for more residential development.