$73M Construction Loan Secured for Miami Ultra-Luxury Condos

CIM Group provided financing for the first oceanfront development in Delray Beach in more than 30 years.
Ocean Delray
Ocean Delray. Image courtesy of NRIA

National Realty Investment Advisors has obtained a $73 million loan from CIM Group for the construction of Ocean Delray, a 19-unit ultra-luxury condo building in Delray Beach, Fla. The project marks the first oceanfront development in Delray Beach in more than 30 years and the first ultra-luxury one within the city’s limits. General contractor U.S. Construction expects to break ground on the project in November. According to GlobeSt.com, the Cushman & Wakefield team of John Alascio, Christopher Moyer, TJ Sullivan and Emily Johansen arranged the construction financing.

Ocean Delray will be located at 1901 S. Ocean Blvd. on the former site of the Wright by the Sea Hotel, just south of Atlantic Dunes Park and 2 miles east of Interstate 95. The 1.8-acre property is 2.6 miles southeast of downtown Delray and within walking distance from numerous shopping, dining and entertainment options offered by the “Most Fun Small Town in America”.

Designed by Randall Stofft Architects, the three-story development will house unique three- to five-bedroom residences, floorplans ranging from 3,373 to 4,473 square feet. Each unit will have a glass-enclosed terrace adding between 682 and more than 2,800 square feet of living and entertainment space. Other features include private elevators, four-and-a-half to six-and-a-half bathrooms and air-conditioned garages with electric charging stations. Common-area amenities include private beachfront cabanas and a Peloton fitness experience room.

In September, another Miami-area luxury development received a $460 million refinancing. The 54-story project broke ground in 2016 and is slated for completion in the first quarter of 2020.