BH Group and PEBB Enterprises completed a $50 million property sale at 6600 N. Military Trail in Boca Raton, the site of their mixed-use development. The transaction allows for the start of construction of the project’s residential component, a 500-unit rental community.
Related Group is developing the residential project in partnership with BH and PEBB. The 9.9 acre parcel includes the project site’s existing south tower and south parking garage.
The south tower will be demolished and replaced with the apartment project, while the south garage will remain intact. Demolition of the south tower is expected to commence in September 2025.
The approved site plan encompasses over 405,000 square feet of office space in two buildings, four new retail and restaurant outparcel buildings totaling nearly 43,000 square feet, a nearly 37,000-square-foot luxury fitness facility and 500 multifamily units.
The development team behind One Beverly Hills (1BH) said construction on the $10-billion luxury mixed-use project is proceeding ahead of schedule. The Beverly Hilton expansion structure topped out approximately 10 weeks ahead of schedule and one of the residential towers is progressing six weeks ahead. “This was accomplished while significant operations were maintained at The...
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Northwind Group has originated a $231-million first mortgage construction loan for 675 Third Ave., a 32-story, 337,000-square-foot office building in Manhattan’s Midtown East neighborhood that is slated for conversion into residential apartments. The conversion is being led by a joint venture between Nathan Berman’s Metro Loft Management and David Werner Real Estate Investments. Loan proceeds...
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Rental housing affordability declined in 82% of U.S. metropolitan areas between 2014 and 2023, with renters experiencing the equivalent of an average $256 annual reduction in income after accounting for changes in housing quality. That’s according to a new report released Tuesday by the Mortgage Bankers Association’s Research Institute for Housing America. The report, Housing...
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