Related, Rockpoint JV Snags $69M Loan for Boca Raton MF Development
Miami-based The Related Group and Rockpoint Group plan to break ground on a Boca Raton apartment community called the Manor at Broken Sound. The development JV secured a $68.83 million construction loan from Wells Fargo Bank.
The project is slated to rise on an 11.5-acre site at 5400 Broken Sound Blvd. in the Park at Broken Sound business park, which was rezoned to include a mix of uses. The development is planned to include 261 apartments and 36 townhouses, along with such amenities as a pool, fitness center, saunas, spa, business center, lounge and two courtyards.
The JV acquired the property last year for $20 million and subsequently demolished an existing office building on the site. Construction is expected to commence on the apartments in the coming weeks and span roughly 18 months.
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