Ocean Delray nabs $73M construction loan

Delray commission granted the 3-story, 19-unit project final approval in March

Oct.October 07, 2019 04:30 PM
Rendering of Ocean Delray

Rendering of Ocean Delray (Credit: ArX Solutions)

National Realty Investment Advisors and U.S. Construction closed on a $73 million loan from CIM Group for a luxury condo development in Delray Beach.

Ocean Delray, at 1901 South Ocean Boulevard, will be the first new development on the city’s oceanfront in over 30 years. Cushman & Wakefield arranged the construction financing, according to a release. It’s being built on the former site of the Wright by the Sea hotel, which was demolished.

The three-story, 19-unit project is selling units priced between $5 million and $10 million. IMI Worldwide Properties is handling sales and marketing for the project, which is 40 percent sold, according to the release. Units will range from 3,373 square feet to more than 4,400 square feet.

The development, to be built on a 1.8-acre property, will feature over 200 feet of ocean frontage, a pool and cabanas. Randall Stofft is the architect. It will also have a Peloton exercise room.

The Delray Beach City Commission granted final site-plan approval for Ocean Delray in March.

New Jersey-based NRIA acquired the Wright by the Sea Hotel in 2018 for $25 million.

Related Articles

Photo illustration of Grant Cardone (Credit: iStock)

A look at Grant Cardone’s real estate portfolio and how he raised $15M in 90 minutes at Marlins Park

ABC Carpet & Home

Collier family converting former ABC Carpet & Home in Delray to facility for car collectors

From left: Joseph Maas, Susan Burrell and Paul Burrell of TMT Properties and 190 Congress Park Drive (Credit: Google Maps)

TMT Properties buys Delray Beach offices

Atlantic Crossing and Pearlmark's Mark Whitt

Delray Beach’s Atlantic Crossing snags $45M investment

Midtown Delray Beach rendering

Pebb Capital to buy Midtown Delray site for $40M after original owners end dispute

The Residences at Latitude Delray Beach and Marlena Demenus (Credit: LinkedIn)

Private equity firm pays $15M for Delray Beach apartments

Rendering of Avalon Trails and Mike Nunziata of 13th Floor Homes

13th Floor scores $22M loan to redevelop golf course in west Delray Beach

From left: Dale Reed of Merrimac Ventures, Daniel Lebensohn, the co-founder of Aventura-based BH3, Jorge Gomez-Moller of Driftwood Acquisitions & Development, Jaime Sturgis of Native Realty, and Nick Rojo of Affiliated Development

“It’s like the tulip craze:” South Florida developers expect Opportunity Zone land values to wilt