Richard Paul Richman Of The Richman Group Secures $47M Construction Loan For Development Site In Lake Worth

The property asset involved in this transaction is a development site located at 2431 2nd Avenue North in Lake Worth. The site encompasses 7.3 acres and is set to be developed into the 195-unit Residences of Lake Worth. The construction loan secured for the project amounts to $47,000,000, supported by the site purchase price of $5,000,000 paid in 2021.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $47,000,000
• Address: 2431 2nd Avenue North
• Market: Lake Worth
• Asset Size: 7.3 acres
• Lender: Merchants Bank of Indiana
• Landlord: Richard Paul Richman - The Richman Group
• Construction Loan: $47,000,000
• Proposed Units: 195
• Workforce Housing Units: 30
• Amenities: Planned for the development

In this transaction, Richard Paul Richman represents The Richman Group as they secure the construction financing from Merchants Bank of Indiana. The project aims to create a combination of workforce housing and additional amenities, marking a significant investment in Palm Beach County's housing market.