Newmark Arranges $139M Loan for Delray Beach Apartment Developers
Newmark has arranged a $139 million loan on behalf of 13th Floor Investments, Key International, Wexford Real Estate Investors and CDS International Holdings to refinance Savio, a newly completed, luxury multifamily property located in Delray Beach, Florida. The financing was provided by CIBC USA and arranged by Newmark’s Jordan Roeschlaub, Nick Scribani, Daniel Matz, Max Ralby, Ricky Braha and Sam Speciale.
Completed between 2024 and 2025, Savio comprises 420 units, offering a mix of studios, one-, two- and three-bedroom layouts, and townhomes. Savio provides residents with a comprehensive amenity package, including a pool and sundeck, a central park, clubhouse lounge, two-story fitness center with yoga and spin studios, co-working spaces, children’s indoor and outdoor play areas and a perimeter walking trail.
The property represents the first phase of the larger Parks at Delray development, with the second phase, Skye, scheduled to break ground in late 2025.
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80-Unit Seniors Housing Development Opens in Suburban Chicago
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312-Unit Multifamily in Indiana Changes Hands
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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