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$21M Loan Moves Condo Project Along

DEERFIELD BEACH, FL-Fidelity Federal Bank & Trust, based in West Palm Beach, and Builders Bank, based in Chicago, jointly provided the financing to Waterbrook II Inc. for the 81-unit project One Ocean Boulevard to be developed here.

By Melissa Bogdany | Updated on October 07, 2003

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.

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