Affiliated Snags Construction Loan for 336-Unit Boynton Beach Rental Community
Affiliated Development closed on a $73 million construction loan with Pacific Life Insurance Company for The Dune, a mixed-use, mixed-income multifamily development in Boynton Beach, Florida.
Located off Federal Highway just north of Delray Beach, The Dune will deliver 336 residential units, including 298 apartments in an eight-story building and 38 three-story townhomes with internal parking garages, along with street-level retail and structured parking.
The project contains 198 units reserved for households earning between 80% and 120% of Area Median Income, providing high-quality workforce housing in a high-barrier, coastal market.
To facilitate the development, Affiliated Development utilized the State of Florida’s Live Local Act, which allows for certain mixed-income residential projects that dedicate at least 40% of the units to workforce housing to obtain expedited development approvals as well as height and density bonuses.
In addition to The Dune, Affiliated Development is developing The Pierce, a nearby 300-unit mixed-use workforce housing development that will include 17,000 square feet of retail and restaurant space.
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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