Dirt is turning on the next phase of redevelopment of Boynton Beach’s municipal core after Time Equities closed on a $160 million loan.
The New York-based developer started construction on the first phase of the Town Square apartments after locking in the financing from M&T Bank, the South Florida Business Journal reported. The loan adds to $35 million in public financing that Time Equities previously secured.
The financing fuels work on a 3.8-acre site at 120 Southeast First Avenue, which the developer controls via a land lease.
The funding came two years after Time Equities’ purchase of the land. The firm won a $35 million tax increment financing package from the Boynton Beach Community Redevelopment Agency last year.
West Palm Beach-based Kast Construction is the general contractor on the project, which will include 465 apartments with 6,300 square feet of ground-floor retail and a 1,055-space parking garage. Plans call for 50,000 square feet of amenities.
The development is part of a 15-acre public-private partnership initiated by the city in 2018. Winter Park-based E2L Real Estate Solutions invested at least $250 million in earlier development phases that included a new city hall, amphitheater and park.
Time Equities paid $44 million for two apartment sites spanning 8.8 acres in 2023. At the time, Deutsche Bank provided a $40 million loan for the properties, at 117 Northeast First Avenue, 120 Southeast First Avenue, 125 Southeast Second Avenue and 130 East Boynton Beach Boulevard.
The developer plans a second phase with 433 apartments and 17,000 square feet of retail.
Time Equities is led by Francis Greenburger, who founded the firm in 1966, and it controls an international portfolio across asset types. The firm recently returned to New York’s multifamily investment market after a 10-year absence, and it has dipped into student housing investments.Elsewhere in Boynton Beach, developer Hyperion Group in January received a bump in TIF funding — from $9 million to $11.5 million — for an apartment complex on 3.7 acres at 114-222 North Federal Highway. A couple of months later, it secured a $108 million construction loan from Madison Realty Capital. — Rachel Stone