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
Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Seth Wise, Co-CEO of The Altman Companies, Altís Ludlam Trail

Altman scores $55M construction loan for Ludlam Trail project

Altman scores $55M construction loan for Ludlam Trail project
Joseph Swedroe (Corcoran, iStock)

Corcoran agent in Miami loses job over “racist and fear-based” marketing

Corcoran agent in Miami loses job over “racist and fear-based” marketing
Vanessa Grout with Vladislav Doronin

Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm

Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm
Rendering of the project with Jon Paul Pérez (top) and Jorge Pérez 

Related switches gears on Terminal Island project, now plans low-rise offices

Related switches gears on Terminal Island project, now plans low-rise offices
Edgardo Defortuna and a rendering of La Playa de Varadero

Not stopping for the pandemic: Fortune, Château could launch Sunny Isles project by year-end

Not stopping for the pandemic: Fortune, Château could launch Sunny Isles project by year-end
Richard Branson (Credit: Virgin, Cindy Ord/Getty Images)

Virgin Trains seeks $350M to build five stations in Miami-Dade

Virgin Trains seeks $350M to build five stations in Miami-Dade
Easton Group picks up land in Hialeah Gardens for $8M

Easton Group picks up land in Hialeah Gardens for $8M

Easton Group picks up land in Hialeah Gardens for $8M
arrow_forward_ios

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

Loading...