The Related Group and Rockpoint Group have secured a $ 69 million construction loan for a multi-family project in Boca Raton.
The partnership secured the Wells Fargo loan for the luxury development in Broken Sound Park at 5400 Broken Sound Boulevard. Miami-based, Boston-based Rockpoint bought the 11.5-acre property in October for $ 20 million. This will be Related’s first apartment project in Boca Raton.
In June, the Boca Raton city council approved the group’s plan to build the luxury apartment complex.
The six-storey building will have 297 apartments bordering Broken Sound Boulevard. The project will include a swimming pool, gymnasium and spa, classes, salon and more amenities. The Mizner-style development will be within walking distance of office buildings in Broken Sound Park.
Bill Shewalter, senior vice president of development at Related Group, said construction is expected to begin within the next 10 days. The partnership hired Kast Construction as a contractor.
Related has accelerated its multi-family development in Florida as the condominium market remains stagnant. The company, along with Rockpoint Group, sold a pair of newly developed apartment buildings in Doral to Blackstone Group for $ 209 million in May 2019.