Ellish Builders Secures $25M Construction Loan For Delray Ridge Development

Ellish Builders has secured a $25 million construction loan from Centennial Bank for its 14-home project, Delray Ridge, located in Delray Beach. The development site, situated at 2212-2285 Delray Ridge Lane, is expected to be completed next year. The homes in the project range from 4,700 to 6,600 square feet in size. Each home is priced between $4 million and $6 million. With the loan in place, Ellish Builders aims to sell a total of 14 units at Delray Ridge, projecting a sellout value exceeding $50 million.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $25,000,000
• Lender: Centennial Bank - Bill Bramlett
• Landlord: Ellish Builders - Ron Ellish
• Address: 2212-2285 Delray Ridge Lane
• Market: Delray Beach
• Loan Type: Construction Loan

Bill Bramlett, representing Centennial Bank, serves as the lender for this construction loan. Ron Ellish, the owner of Ellish Builders, is the landlord for the Delray Ridge development project. The project aims to build 14 upscale homes with sizes ranging from 4,700 to 6,600 square feet and prices ranging from $4 million to $6 million. Currently, seven of the homes have already been pre-sold. With completion scheduled for next year, Ellish Builders anticipates a successful sellout, surpassing a total value of $50 million.