13th Floor Investments and Key International, along with partners CDS International Holdings and Wexford Capital of West Palm Beach, broke ground on the second phase of their Parks at Delray project.

The South Florida Business Journal reports CIBC Bank USA provided a $79.2 million construction loan to the developers for Skye, which will feature 327 apartments. MSA Architects designed the project, and ANF Group is the general contractor. Skye should be completed in 2027.

It’s part of a 50-acre development site at 2350 S. Congress Ave, near the intersection of Old Germantown Road. The developers purchased it for $20 million in 2018. In May, they completed the 420-unit Savio, the first phase of the Parks at Delray. It was financed by a $102 million construction loan from CIBC Bank USA in 2022.

The full site plan approved by the city allows for 1,009 multifamily units, 70,000 square feet of office, 250,000 square feet of retail and 80,000 square feet of restaurants.

On December 4^th, find out what’s really happening in today’s deal ecosystem at Connect Southeast Multifamilywhen the industry’s leaders unpack where capital is going, how underwriting is evolving, and what creative financing strategies are gaining traction in this shifting landscape. Register to be there at www.ConnectSEMF2025.com