Avery Lake Worth Lake Worth Beach Development Site Secures $38.23M Construction Loan From American Equity Investment Life Insurance Co

Avery Lake Worth, a 4.7-acre development site located at 3300 Boutwell Road in Lake Worth Beach, Florida, is set to undergo a transformation. Accesso and Meyers Group have secured a $38.23 million construction loan from American Equity Investment Life Insurance Co. to develop a 200-unit apartment project on the site. The project is expected to offer a range of amenities including a pool, gym, and dog park, with an estimated completion date of mid-2025.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $38,230,000
• Address: 3300 Boutwell Road
• Market: Lake Worth Beach
• Landlord: Accesso - Ariel Bentata; Meyers Group - Stuart Meyers

Contacted by Chris Hammel and Dave Gahagan from Northmarq, American Equity Investment Life Insurance Co. stepped in as the lender for the project. The loan granted will fund the construction of the 200-unit apartment project, bringing to life Accesso and Meyers Group's vision for Avery Lake Worth.