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| Brett Forman |
Delray Beach, FL, June 14, 2018 –Trez Forman Capital Group has
closed on a $20.59 million construction loan for a luxury condominium project
on 1.12 acres located one block from famed retail, restaurant and entertainment
destination Atlantic Avenue in Delray Beach.
The borrower, SOFA I, LLLP, plans on developing a five-story
building with 70 residences and ground-floor retail.
The project, called 111 First Delray, 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,” said Forman. “It’s easily walkable to the
restaurants, shops and nightlife on Atlantic Avenue, which has undergone a
recent surge in commercial growth.”
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| Delray Beach, FL Oceanside View |
Forman noted that a new iPic theatre and an office building are
planned for the area and all within a half mile of the beach. First Delray is
located at 111 SE First Avenue.
This transaction comes on the heels of a $16.5 million loan Trez
Forman closed for an oceanfront townhome project just up the coast near Ocean
Ridge. A developer is planning to build 14 luxury townhomes on nearly
two-acres of land at 30 Briny Breezes Blvd.
Last month, Trez Forman closed an acquisition loan for a property
on the island of Palm Beach that is set to be redeveloped with a luxurious new
spec home. The $3.5 million transaction took just three weeks to close.
In April, the company completed a $17 million construction loan
for the high-end 30 Thirty North Ocean boutique condominium project in Fort
Lauderdale Beach.
For more
information, please contact:
Eric Kalis
Account
Director, BoardroomPR
Bank of America Plaza
| 1776 N Pine
Island Road
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