The Delray Beach luxury condominium project received a $ 44.7 million building loan.
According to press releases from the borrower and lender, developer US Construction has received funding from Madison Realty Capital for the 1625 Ocean project.
Jason Crane of Ackman Ziff brokered the deal.
The oceanfront condominium at 1625 South Ocean Boulevard is planned as a three-story boutique building with 14 apartments, including four penthouses, according to the developer. Already, 40 percent of the project has been sold, there are nine units left.
Three and four-bedroom apartments ranging from 3,500 square feet to over 5,000 square feet of indoor and outdoor space are valued between $ 3.9 and $ 7.5 million. According to the report, buyers have paid an average of just over $ 6 million so far.
The building will replace the former 15-apartment timeshare Delray South Shore Club. The demolition of the resort is ongoing and is expected to be completed in the coming weeks, according to the report.
Philadelphia-based US Construction, of which John Farina is CEO and President, bought the 1.17-acre site for USD 12.3 million USA January 2020 Delray Beach Site Plan Review and Execution Board approved project next May.
The development will reportedly have 120 feet of oceanfront waterfront, with condominiums named after musicians from the 1960s and 1970s, including Bob Dylan, Billy Joel, Bruce Springsteen and Janis Joplin.
Each block will have two parking spaces with electric charging stations in the underground garage and a golf cart.
The apartments will have a terrace with a summer kitchen and glazed balconies. Amenities will include a swimming pool and lobby with lockers. The penthouses will have a private pool and terraces in each bedroom that span the entire length of the apartment.
This is US Construction’s second elite condominium in Delray Beachsince she is jointly developing the 19th unit Ocean Delray with National Realty. Construction on 1901 Ocean Boulevard is expected to be completed this summer.