At a glance
- Balfour Beatty Construction is the general contractor.
- Units are split among 223 apartments in Manor, 239 larger apartments in Icon and 50 ultra-luxury units, with another 50 workforce housing units planned and three pools.
- The Boca Raton loan follows the September financing for Related Urban's Gallery at Lummus Parc in Miami, a $167 million stack that included an $80 million construction loan from BlackRock's impact fund, as Private Wealth Daily previously reported.
Related Group obtained $176.5 million in construction financing for Broken Sound Residences, an apartment project at the ODP Headquarters site in Boca Raton, Florida, Connect CRE reported Nov. 9, citing the South Florida Business Journal.
Related Group's $176.5 million loan covers the 9.9-acre site at 6600 North Military Trail, a onetime office campus where the developer paid $50 million for land dedicated to apartments. Balfour Beatty Construction is the general contractor. Units are split among 223 apartments in Manor, 239 larger apartments in Icon and 50 ultra-luxury units, with another 50 workforce housing units planned and three pools. The lender was not disclosed.
The construction loan equals about 3.5 times the $50 million Related paid for the land, so repayment depends on lease-up across four unit types, including 50 workforce units.
The Boca Raton loan follows the September financing for Related Urban's Gallery at Lummus Parc in Miami, a $167 million stack that included an $80 million construction loan from BlackRock's impact fund, as Private Wealth Daily previously reported.
Reported by the Real estate debt desk from Connect CRE, South Florida Business Journal (cited by Connect CRE) and Private Wealth Daily archive. Published . Corrections