Boca Beach House condo project scores $43M construction loan

Key International and Integra Investments secured a $42.6 million construction loan from Bank OZK for a luxury condo project in eastern Boca Raton.

The developers also broke ground on the 32-unit project, called Boca Beach House Luxury Residence & Marina, at 725 South Ocean Boulevard, according to a press release.

The four-story, waterfront building will be built on a 3.2-acre site with an 18-slip marina, sundeck with a pool and Jacuzzi, gazebo with a full kitchen, a fitness center, steam room, sauna and treatment rooms. It’s expected to be delivered in the third quarter of 2022.

Key International is handling sales, with remaining units starting at $3 million. Boca Beach House is nearly 80 percent presold, and units range from two to four bedrooms, and 4,000 to 5,000 square feet, according to the release.

The developers bought the property from the Blackstone Group in 2017 for $17.3 million, and launched sales last year.

Key International is also part of a joint venture to build a mixed-use development with about 600 residential units on the site of Office Depot’s former headquarters in Delray Beach. In May, the company’s Eden Roc 418-room hotel in Miami Beach laid off 458 employees.

Integra, meanwhile, plans to build Wrecker’s Cay Apartments, the largest workforce housing project to be built in the Florida Keys in more than 50 years, and is part of a 271-unit affordable senior housing project in Miami’s Allapattah neighborhood. The company also intends to buy all 82 units of a Miami Beach condo-hotel that was once the subject of a fierce foreclosure battle, already spending $15 million for about 80 units.