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.