Richman Lands $57M Financing for Boca Raton MF Development
Greenwich, CT-based The Richman Group Development Corp. secured $57.41 million in financing to develop Residences at Boca Dunes, a 354-unit apartment community in Boca Raton. The funding was provided by PNC Bank.
Richman Boca Development Partners, an affiliate of Richman Group Development Corp., plans to develop the 55.7-acre site at a new street address of 9260 Boca Vue Dr. The community will encompass 15 buildings, covered parking and a pool.
The property is part of the 112.3-acre Boca Dunes golf course, which is considering building a new clubhouse. Richman had acquired the land for $12.51 million in 2019. The firm is no stranger to South Florida, where one of its latest developments was [email protected] Edgewater (pictured), a luxury community in Miami’s popular Edgewater neighborhood.
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