$21M Loan Moves Condo Project Along

DEERFIELD BEACH, FL-Another new condominium project in South Florida is one step closer to reality, as One Ocean Boulevard has received $21 million in construction financing for the project, planned for Deerfield Beach. The borrowing entity was Waterbrook II Inc.

Fidelity Federal Bank & Trust, the largest bank based in South Florida’s Palm Beach County, and Builders Bank, a national real estate lender based in Chicago, have jointly provided the financing at a spread over prime floating.

One Ocean Boulevard, which will consist of 81 units, will be located on the west side of State Road A1A between the Atlantic Ocean and the Intracoastal Waterway. The development will feature two six-story buildings with one-, two- and three-bedroom units ranging in size from 888 sf to 1,868 sf. The project also will include a garage.

The residences will have oversized sunrise/sunset terraces, 9-ft ceilings, and kitchens with custom cabinets. The project’s amenities include a clubhouse, a heated pool and spa, and a fitness center.

John M. Ahrenholz, first vice president of Fidelity Federal Bank & Trust, and Lawrence S. Teter, senior vice president of Builders Bank, both arranged the financing. In a statement, they say: “We are pleased to partner together in providing construction financing for this highly attractive project. Upon completion, One Ocean will be a significant addition to the luxury housing market in Deerfield Beach and an important contribution to the continued growth of the community.”

One Ocean Boulevard’s initial delivery of units is anticipated in the second half of next year. More than half of the units were sold at press time.