Richman Group nabbed $62.3 million in financing to begin construction of a Lake Worth Beach workforce housing project.
Merchants Bank of Indiana provided the bulk of the construction funds with a $47 million loan, records show. Greenwich, Connecticut-based Richman Group, led by Chairman Richard Paul Richman, also obtained a $13 million loan via Palm Beach County’s low-interest workforce housing bond program, as well as a $2.35 million tax-exempt mortgage from Merchants Capital Corp.
The financing is for Residents at Lake Worth, a planned five-story development with 195 workforce housing apartments and 279 parking spaces. In 2021, Richman paid $5 million for the 7.4-acre site at 2431 Second Avenue North in Lake Worth Beach, records show.
Designed by Coral Gables-based Behar Font Partners, Residences at Lake Worth will feature a mix of one-, two-, and three-bedroom apartments, according to Richman’s website. General contractor Straticon recently broke ground on the project, according to a notice of commencement.
Since its founding in 1986, Richman has developed $28-plus billion in multifamily projects with more than 166,000 units across the U.S., the firm’s website states.
Last year, Richman completed a 266-unit apartment complex with eight-story and four-story buildings in Miami-Dade County’s unincorporated Naranja neighborhood. The firm built the project with a $44.5 million construction loan.
Also last year, Richman and Catalfumo Companies won approval to build an additional 620 multifamily units in two 13-story mid-rise buildings at Garden Station, a project in Palm Beach Gardens. The joint venture is currently developing an eight-story building with 396 apartments on the project site at 11025 RCA Center Drive.
In Boca Raton, Richman owns a 354-unit apartment complex on part of the Boca Dunes Golf & Country Club. The developer completed the project in 2021 after obtaining a $57.4 million construction loan the previous year.