A joint venture between 13th Floor Investments and Rockpoint has secured $100 million in construction financing from Santander Bank to develop Link at Boca, an eight-story transit-oriented multifamily project planned adjacent to the Boca Raton Tri-Rail Station in Boca Raton, Florida.
Located at 680 West Yamato Road, the mixed-use development is being delivered through a public-private partnership with the South Florida Regional Transportation Authority, under which 13th Floor Investments was previously selected through a competitive RFP process to lease publicly owned land surrounding the station. The project will include 340 residential units and approximately 24,000 square feet of ground-floor retail space.
Credit: 13th Floor Investments.
The $100 million construction loan from Santander Bank will fund development of the transit-oriented community. Groundbreaking is anticipated to take place in February, with construction expected to last approximately 24 months.
Credit: 13th Floor Investments.
“Partnering with Rockpoint and securing this financing marks an important milestone for Link at Boca and reflects confidence in both the project and the long-term fundamentals of transit-oriented development in Boca Raton,” said Daryl Shevin, Chief Financial Officer and Principal of 13th Floor Investments.
Credit: 13th Floor Investments.
“Through this well-capitalized joint venture, we’re looking forward to breaking ground and delivering a thoughtfully designed, mixed-use community that enhances connectivity and everyday life around the Tri-Rail station.”
“Link at Boca is an opportunity for Rockpoint to expand on its strong existing presence in South Florida, and we’re excited to partner with 13th Floor Investments to develop the property,” said Dan Domb, a Managing Member and Chief Operating Officer at Rockpoint.
Credit: 13th Floor Investments.
“Boca Raton stands out as a highly attractive, economically resilient submarket within the greater Palm Beach market and the team at 13th Floor Investments shares our conviction in the market’s solid multifamily fundamentals given durable demand and supply constraints.”
Credit: 13th Floor Investments.
The residential program will include studio, one-bedroom, two-bedroom, and three-bedroom units ranging from approximately 600 to 1,300 square feet. The development will also feature a 650-space parking garage serving residents, retail users, and Tri-Rail commuters.
Credit: 13th Floor Investments.
Situated off Yamato Road near Interstate 95 and adjacent to the El Rio Trail, the site is located near the Boca Raton Innovation Campus, Florida Atlantic University, Boca Raton Airport, and surrounding civic and retail destinations.
Credit: 13th Floor Investments.
Credit: 13th Floor Investments.
Link at Boca marks the third Link-branded transit-oriented development by 13th Floor Investments, following Link at Douglas in Miami and the planned Link at SoMi adjacent to the South Miami Metrorail Station.
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