American Land Ventures, Isram Realty score $85M construction loan for Boynton Beach apartments
319-unit development will overlook Intracoastal Waterway
A 319-unit multifamily project in Boynton Beach is on tap, after the developers scored an $84.9 million construction loan.
Miami-based American Land Ventures and its joint venture partner, Hallandale Beach-based Isram Realty Group, already started work on the development at 630 East Woolbright Road, according to Angelo & Banta attorney Tom Angelo, who represented the borrowers.
Pacific Life Insurance Company is the lender.
The development will include a 10-story apartment building, an eight-story garage with 590 spaces and first-floor retail, all on 6.2 acres. Construction is expected to be completed in roughly 22 months, Angelo said.
American Land Ventures, led by Granvil Tracy, focuses on multifamily and land development. Isram Realty – founded by chair Shaul Rikman and led also by Roni Soffer and Mati Rikman – has a portfolio of 2.5 million square feet of shopping centers and 1,300 multifamily units in Florida and New York City, according to its website.
South Florida multifamily construction financing has been flowing in recent months.
Affiliated Development nabbed a $34.1 million construction loan in April for the 200-unit Bohemian in Lake Worth Beach. The project will include 44 workforce housing units.
Merrimac Ventures secured a $72 million construction financing in May for apartments in Plantation. And Eden Multifamily and Cypress Equity Investments started building Eden West in Tamarac, after scoring a $23.7 million construction loan and a $8.6 million preferred equity investment in April.
In the most recent multifamily purchase, investor and motivational speaker Grant Cardone bought a Boca Raton apartment complex for $69 million in cash.