Delray Beach, Fla.—The Boca Raton office of ARA has arranged the sale of 33.1 acres for the development of a 396-unit community known as Atlantic Commons. The land was sold by Atlantic Associates, an affiliate of GL Homes, to a subsidiary of Florida Crystals Corporation. The sales price was $8.6 million, though cost reimbursements brought the transaction to $9.8 million. The apartment development will rise in two phases, according to ARA.
The new development is located one mile from Delray Marketplace, a 258,000-square-foot shopping and entertainment destination that is finishing up on construction. It includes a 12-screen movie theater, a 16-lane bowling alley, restaurants, fashion shops and a Publix grocery store.
The deal represents the second closing in less than two months from ARA’s newly formed South Florida Land Division. The group had previously sold 2.42 acres in Midtown Plantation for a 227-unit development.
Berkeley Point Capital provides $44.8M for Florida development
Boynton Beach, Fla.—Berkeley Point Capital has facilitated a $44.8 million FHA insured loan for the construction of Compson Place at Renaissance Commons, a 338-unit Class A mid-rise community that will rise in Boynton Beach, Fla. The financing was made under HUD’s Section 220 Mortgage Insurance Program, and was structured to be a fully amortized loan based on a 3.18 percent, 40-year, fixed-rate note, following the 20-month, interest only construction period. Compson Associates is the developer and borrower.
“FHA continues to be a key source of capital for construction financing,” says Steve Wendel, executive managing director at Berkeley Point Capital. “Berkeley Point Capital takes pride in our ability to provide high-quality service to our clients for new construction loans on both multifamily and seniors housing. We are pleased to partner with Compson Associates on another one of their high quality projects, and to leverage our experience in working with HUD to execute this loan arrangement.”
Compson Place is positioned in the heart of a larger 86-acre, mixed-use development known as Renaissance Commons, also developed by the Compson Associates Inc. Located within one mile of I-95, the completed development provides restaurants and shopping, as well as employment opportunities. Compson Place will be the newest apartment community in the Boynton Beach area with one- and two-bedroom units featuring high-end appliances, granite countertops in the kitchen, marble countertops in the bathrooms, 24-hour security patrol in the building and convenient garage-parking. Community amenities include two in-ground swimming pools and a bath house, as well as a clubhouse equipped with WI-FI lounge, coffee bar, exercise room and business center.