Delray Beach Ultra Luxury Condo Project Lands $73M Construction Loan
National Realty Investment Advisors and U.S. Construction have announced they have closed on a $73-million loan from CIM to begin construction on their Ocean Delray development.
DELRAY BEACH, FL—The developers of a luxury development here where condo prices will run from $5 million to $10 million, has landed financing that will launch construction of the venture.
National Realty Investment Advisors and U.S. Construction have announced they have closed on a $73-million loan from CIM to begin construction on their Ocean Delray development. The Cushman & Wakefield team of John Alascio, Christopher Moyer, TJ Sullivan and Emily Johansen arranged the construction financing.
The developers stated that the 19-unit project, located at 1901 South Ocean Blvd., will be the first ultra-luxury, oceanfront residential development in Delray Beach.
The project will be located on the land previously occupied by the Wright by the Sea Hotel—which has been demolished.
“Our firm has taken an increasingly long position in the future growth of the Delray Beach area over that last 24+ months, and more specifically along A1A and Ocean Boulevard and in close proximity to Atlantic Avenue,” says Coley O’Brien, head of finance for NRIA. “Delray’s historic preservation and restrictive zoning parameters have resulted in favorable supply-constraints, and when coupled with national tax reforms attracting affluent buyers to the South Florida region, we believe accelerated demand for luxury ocean front housing will only continue.”
IMI Worldwide Properties, the exclusive sales and marketing representative for Ocean Delray, has already sold 40% of the project, totaling $45 million.
The residences will range from 3,373 square feet to more than 4,400 square feet of air-conditioned living space. The three-bedroom plus den to five-bedroom residences, complete with 4.5 to 6.5 bathrooms, also offer expansive oceanfront terraces that add from 682 square feet to more than 2,300 square feet of additional living area with glass panel balcony railings. The site also features more than 200 feet of ocean frontage and some of the widest seagrass dune lines in South Florida.
Designed by South Florida architect Randall Stofft, Ocean Delray is being built on a prized 1.8-acre parcel and will rise three stories. Other project amenities include beachfront lounges and cabanas. Ocean Delray’s residents will also have access to a pool lounge suite with personal, custom full-height lockers and changing rooms.
The development also comes complete with a state-of-the-art Peloton experience room where residents can access the latest in exercise equipment and technology.