A Philadelphia-based construction company has closed on a $44 million loan from Madison Realty Capital to build on Ocean Boulevard in Delray Beach, as the demand for luxury residences and homes continues to climb in South Florida.
Construction will soon begin construction on a new luxury residential development on 1625 Ocean, according to president and CEO John Farina.
"Delray Beach is the hottest new destination for people from the Northeast who are coming to Palm Beach County," Farina said. "I think you will continue to see high-end buyers choosing Delray over Boca Raton and even Palm Beach," said Farina.
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Melea VanOstrand
Melea VanOstrand oversees the Daily Business Review as ALM's Florida Bureau Chief. Email Melea at [email protected] or follow her on her Twitter or Facebook pages.
