Related Obtains $92.6M Loan for Riviera Beach Apartments
The Related Group is moving ahead on the Residences at Marina Village, the first “Class-A” mixed-income development in Riviera Beach. The eight-story public-private development represents a concerted effort by the town, Related Urban, and Tezral Partners to ease Riviera Beach’s workforce housing shortfall. The project will anchor Riviera Beach’s new Marina Village Master Plan, a mixed-use gateway destination on the City’s waterfront.
The affordable housing arm of Related Group obtained a $92.6 million construction loan. The city is leasing the land to Related to build the 149-unit mixed-income project.
The apartments will be leased to people earning 30% to 110% of the area median income.
The S. Florida Business Journal reports the developer obtained a $38.6 million leasehold mortgage from Manufacturers and Trusters Trust Co., a $38.6 million tax-exempt bond from Florida Housing Finance Corp. via Bank of New York Mellon Corp., and a $15.4 million State Apartment Incentive Loan (SAIL) from the FHFC.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout