Borrower to develop 70 units and ground-floor retail just a block from Atlantic Avenue
Trez Forman Capital recently closed on a $20.59 million construction loan for a luxury condominium project in downtown Delray Beach.
First Delray is located on 1.12 acres one block from Atlantic Avenue. The borrower SOFA I, LLLP, plans on developing 70 residences and ground-floor retail at 111 SE First Ave.
Trez Forman President and CEO Brett Forman arranged the transaction, which closed on June 13.
The building will have full amenities including a pool with cabanas, recreation deck, covered open-air lounge, summer kitchen, bar, billiard tables and a fitness center. The pet-friendly building also features secured gated parking, bicycle valet, private storage, electric car charging stations and an atrium lobby.
Residences will be on levels two through five, with parking on the first two floors.
“This community is being developed in one of the hottest areas of Palm Beach County,” Forman said. “It’s easily walkable to the restaurants, shops and nightlife on Atlantic Avenue, which has undergone a recent surge in commercial growth.”
Trez Forman provides commercial bridge loans for development and construction and senior stretch financing starting at $5 million. It also offers private and institutional investors equity investment opportunities in a variety of funds and assets.