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Robert Kaplan and Mark Rutherford of Cushman & Wakefield secured the financing through Forman Capital and Core Capital on behalf of the developer North Development, a joint venture between Miami-based Oak Development, led by veteran developer Ricardo Dunin, and Peru-based Edifica.
The building’s current tenant recently signed a new 30-year lease.
The 8-story project will have 328 one- and two-bedroom apartments. Of these, 40 percent will be designated for households with an income at 80 percent of the area median income, while the remaining 60 percent will cater to households with an income at 120 percent.
The site spans 50,782 square feet on a 1.17-acre plot in Little Havana.
Proposals must be submitted no later than 3 p.m. EST on June 28, 2024.
The property, which launched in late 2021 and is now more than 95-percent sold, is currently under construction and is expected to complete in early 2028.
Foundry and Wheelock plan to redevelop the 125,281-square-foot campus into Egret Point Logistics Center, a planned 457,000-square-foot industrial project that was approved by the Boynton Beach City Commission last month.
Owner and commercial real estate developer The Easton Group hired Excel Construction to develop warehouses and offices on nine acres of land at 1463-1481 Dr. Martin Luther King Jr. Boulevard, along the Florida East Coast railroad tracks.
Lee & Associates South Florida Principal Greg Milopoulos and Vice President Christian Baena successfully brokered the $4.07 million sale.
Scott Wadler and Alec Fox, along with Mitch Sinberg and Brad Williamson and Matt Robbins of Berkadia South Florida, secured the $172 million loan from Bank OZK.
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