13th Floor Homes, a Miami-based development firm, has secured a $14.1 million construction loan from the Canadian Imperial Bank of Commerce (CIBC) for its senior housing community, Solera at Avalon Trails. Located at 14800 Cumberland Drive in Delray Beach, the development site will offer 74 rental townhouse units specifically designed for adults aged 55 and older. Construction is scheduled to commence later this year, with completion expected by next year.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $14,100,000
• Address: 14800 Cumberland Drive
• Market: Delray Beach

The lender, CIBC, will provide the $14.1 million construction loan to 13th Floor Homes for the development of Solera at Avalon Trails. Leading the project is Arnaud Karsenti, the founder of 13th Floor Homes, in collaboration with the landlord, Arnaud Karsenti himself. This loan will enable the development firm to bring their vision to life and provide high-quality housing options for older adults in the Delray Beach area.