Trending
Ron Ellish lands $25M construction loan for Delray single-family home project
14 houses, ranging in price from $4M to $6M, are expected to be completed next year
Ellish Builders landed a $25 million construction loan for its planned single-family home development in Delray Beach.
The 14-home project, dubbed Delray Ridge, at 2212-2285 Delray Ridge Lane, is expected to be completed next year, according to a press release. Ellish Builders, the Boca Raton-based developer led by Chairman and CEO Ron Ellish, has pre-sold seven of the homes, according to the firm’s website.
The planned community will have houses spanning from 4,700 square feet to 6,600 square feet, and optional basements on certain sites, the release shows. Prices range from $4 million to $6 million.
Jennifer Kilpatrick of the Corcoran Group is handling sales for the project, Ellish’s website shows.
Ellish said he expects the project’s full sellout will surpass $50 million.
“We’re hoping we’ll be sold out through the season,” he said. So far, buyers at Delray Ridge include families, transplants from the Northeast and condo dwellers looking to upsize.
Centennial Bank provided the $25 million guidance line of credit, the release shows. Bill Bramlett, a senior commercial loan officer with Centennial in West Palm Beach, led the financing for the bank, according to a spokesperson. Ellish is a longtime customer of Centennial; the bank has provided the firm with $40 million in project financing, Bramlett said, adding that Delray Ridge’s pricing gave the bank confidence.
“Where we’re talking anywhere from the $4 million to the $9 million price point, we’re still seeing some strength in the market for that,” he said. “We’re seeing that across the whole of South Florida.”
Ellish bought the Delray Beach development site for $5.4 million in a pair of deals in 2020, records show.
Ellish is also building the planned homes at Panther National, the private luxury golf community Centaur Holdings is building near Palm Beach Gardens. The project includes 218 single-family homes and a Jack Nicklaus-designed 18-hole golf course as part of the Avenir master-planned community. Prices for the homes range from $8 million to $20 million, Ellish said.
Centaur tapped Corcoran broker John Hackett to head sales for the project last month.