National Realty Investment Lands Financing for Palm Beach Project
The financing deal was announced by Palm Beach-based lender Trez Forman Capital Group, which reports that National Realty Investment Advisors plans to build 14 luxury townhomes on almost two acres of beachfront property at 30 Briny Breezes Blvd. in Boynton Beach
PALM BEACH, FL—National Realty Investment Advisors of Secaucus, NJ has secured a $16.5-million loan for the site acquisition and development of a luxury beachfront townhome project here.
The financing deal was announced by Palm Beach-based lender Trez Forman Capital Group, which reports that National Realty Investment Advisors plans to build 14 luxury townhomes on almost two acres of beachfront property at 30 Briny Breezes Blvd. in Boynton Beach.
Each three-story townhome will feature an elevator, rooftop deck, splash pool and two-car garage. They will have three bedrooms, four-and-a-half bathrooms, a club room and will total 3,400 square feet.
Trez Forman president and CEO Brett Forman arranged the transaction, which closed on June 6. “It is exciting to complete this transaction for a project in our backyard,” Forman says. “The demographics of Palm Beach County are strong, particularly in coastal communities. Demand from luxury buyers remains high, so we expect this project to do very well.”
The deal with National Realty Investment is just one of a number Trez Forman has closed on recently for projects in South Florida. In May the lender closed on an acquisition loan for a property on the island of Palm Beach that is to be redeveloped with a luxurious new spec home. The $3.5-million transaction took just three weeks to close, Trez Forman states.
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.