Richman scores $57M loan to build apartments on Boca Raton golf course

The 55-acre development will have 15 buildings with a total of 354 units

TRD MIAMI /
Apr.April 27, 2020 09:45 AM
Richard Paul Richman, founder and chairman of the Richman Group and 9260 Boca Vue Drive in Boca Raton (Credit: Google Maps)

Richard Paul Richman, founder and chairman of the Richman Group and 9260 Boca Vue Drive in Boca Raton (Credit: Google Maps)

The Richman Group scored a $57.4 million construction loan to build an apartment complex on part of the Boca Dunes Golf & Country Club.

Greenwich, Connecticut-based Richman Group secured the loan from PNC Bank to build the 354-unit apartment project at 9260 Boca Vue Drive in Boca Raton, records show. The property will consist of 15 buildings, a swimming pool and a spa.

Richman Group bought 55 acres of the 98-acre golf course for $12.5 million in June 2019, records show.

The company secured a notice of commencement with Palm Beach County on Friday to begin construction. Its contractor is Kast Construction.

Homebuilder K. Hovnanian previously bought part of the golf course in 2016, to build a 211-townhome project.

Richman Group owns 1,500 properties with 115,000 units, and says it is the seventh largest owner of apartment rentals in the U.S., according to its website. In South Florida, it built Blu27, a 330-unit building at 2701 Biscayne Boulevard in Miami’s Edgewater neighborhood.

Increasingly, homebuilders like Lennar Corp. and Toll Brothers are buying up golf courses in South Florida and building single-family and townhouse communities as land becomes scarce for new residential developments.


Related Articles

arrow_forward_ios
Mahnaz Zahedi pictured with her parents in 1962 (inset) and  444 E Alexander Palm Road (Getty, Zillow)

Iranian princess sells her waterfront Boca Raton home for $6M

Iranian princess sells her waterfront Boca Raton home for $6M
The Principal Richard Caster, Monica Mayotte and Andrea O’Rourke of Boca Raton City Council, and 2600 North Ocean Boulevard, Boca Raton (Credit: Azure Development)

Appeals court orders another vote on proposed Boca Raton beach duplex

Appeals court orders another vote on proposed Boca Raton beach duplex
Andrew Richardson and 1298 Cocoanut Road (Realtor)

Real estate exec sells Boca Raton home for $5M

Real estate exec sells Boca Raton home for $5M
261 Alexander Palm Rd, Boca Raton (Credit: Google Maps)

Boca Raton mansion sells for $9M

Boca Raton mansion sells for $9M
1889 Sabal Palm Drive and Dr. Lawrence “Scott” and Donna Ennis

Nip and tuck: Plastic surgeon buys Boca Raton mansion for $6M

Nip and tuck: Plastic surgeon buys Boca Raton mansion for $6M
Sal Calvino and 2989 Spanish River Road (Linkedin, Realtor)

Soaring: Aviation exec buys waterfront Boca Raton mansion

Soaring: Aviation exec buys waterfront Boca Raton mansion
Prentis Wilson and 1880 Sabal Palm Circle (Realtor)

Proceed to checkout: Former Amazon exec pays $5M for Boca Raton mansion

Proceed to checkout: Former Amazon exec pays $5M for Boca Raton mansion
310 East Alexander Palm Road (Realtor.com)

Cumberland Farms scion buys waterfront Boca Raton home

Cumberland Farms scion buys waterfront Boca Raton home
arrow_forward_ios

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

Loading...