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.