Related, Rockpoint nab $69M construction loan for Boca Raton apartments

The partnership bought the 11.5-acre property in October for $20M

TRD MIAMI /
May.May 06, 2020 02:30 PM
Related Group’s Jorge Perez and 5400 Broken Sound Boulevard in Boca Raton (Credit: Google Maps)

Related Group’s Jorge Perez and 5400 Broken Sound Boulevard in Boca Raton (Credit: Google Maps)

The Related Group and Rockpoint Group scored a $69 million construction loan for a planned Boca Raton multifamily project.

The partnership secured the loan from Wells Fargo for the luxury development in the Park at Broken Sound at 5400 Broken Sound Boulevard. Miami-based Related and Boston-based Rockpoint bought the 11.5-acre property in October for $20 million. It will be Related’s first apartment project in Boca Raton.

In June, the Boca Raton City Council approved the group’s plan to build the luxury apartment complex.

The six-story building will have 297 apartments bordering Broken Sound Boulevard. The project will include a pool, gym and spa, courtyards, lounge and more amenities. The Mizner-style development will be within walking distance to office buildings within the Park at Broken Sound.

Bill Shewalter, senior vice president of development at the Related Group, said construction should start in the next 10 days. The partnership hired Kast Construction as its contractor.

Related has ramped up its multifamily development in Florida as the condo market remains stagnant. The firm, along with Rockpoint Group, sold a newly developed pair of apartment buildings in Doral to Blackstone Group for $209 million in May 2019.


Related Articles

arrow_forward_ios
Jorge Pérez and Jon Paul Pérez with the Wynwood properties

Related Group pays $19M for Wynwood development site

Related Group pays $19M for Wynwood development site
From left: Gran Paraiso and Bayside Terrace Condo

Gran Paraiso construction debris rained down on Edgewater condo building, lawsuit alleges

Gran Paraiso construction debris rained down on Edgewater condo building, lawsuit alleges
Rendering of Miramar Town Center with Jorge Pérez

Related moving forward with Miramar Town Center project

Related moving forward with Miramar Town Center project
Only 20% of Related Group’s commercial tenants paid rent in April

Only 20% of Related Group’s commercial tenants paid rent in April

Only 20% of Related Group’s commercial tenants paid rent in April
From left: David Weitz, Steve Wernick, Michael Lirtzman, Joe Furst, and Erik Rutter

Silicon Valley heads to Wynwood’s office market

Silicon Valley heads to Wynwood’s office market
Jorge Perez and Masoud Shojaee with  the Flats Apartments at CityPlace Doral (Credit: Google Maps)

Related, Shoma, PGIM sell Doral apartments for $100M amid coronavirus pandemic

Related, Shoma, PGIM sell Doral apartments for $100M amid coronavirus pandemic
Bryan C. Hanson of Zimmer Biomet and the Residences by Armani/Casa

Medical device CEO snags condo at Residences by Armani/Casa

Medical device CEO snags condo at Residences by Armani/Casa
Wynwood 25 and Wynwood Annex with Jon Paul Perez and Jonathon Yormak (Credit: East End Capital/Related Group)

Related, East End score $136M refi of Wynwood projects

Related, East End score $136M refi of Wynwood projects
arrow_forward_ios

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

Loading...