US Construction scores $45M construction loan for Delray Beach condos
Leading debt investment firm Madison Realty Capital extended $44.7 million in construction financing for a boutique Delray Beach condo project according to The Real Deal. The builder, U.S. Construction, is in the process of demolishing the timeshare that will be replaced by the new, luxury 14-unit development, where residents will enjoy spacious private balconies and perks like personal golf carts and dedicated electric vehicle charging stations. Homes at the forthcoming development will range in size from three-bedrooms to four select penthouses and will be named after classic rock musicians including Bob Dylan, Janis Joplin, and Bruce Springsteen. At press time, the project was already 40 percent pre-sold, with nine homes still on the market.
