Townhome project obtains $16.5 million loan

Boynton Beach residences will sell from $1.8M to $2.25M

BOYNTON BEACH — Developer National Realty Investments Advisors of New Jersey has secured a $16.5 million loan to build a luxury townhome project slightly inland from the Atlantic Ocean in Boynton Beach.

The lender is Trez Forman Capital Group of Boynton Beach, which provides commercial bridge loans to builders.

National Realty plans to build 14 townhomes on 2 acres at 30 Briny Breezes Blvd., according to Trez Forman. Each townhome will be three stories tall. Features will include elevators, rooftop decks, splash pool and two-car garage.

Unit sales prices will range from $1.8 million to $2.25 million.

“The demographics of Palm Beach County are strong, particularly in coastal communities,” said Trez Forman president and CEO Brett Forman. “Demand from luxury buyers remains high, so we expect this project will do very well.”

National Realty officials could not be reached for comment on Tuesday.

According to the developer’s website, the 12-year-old company is based in Secaucus, N.J., and engages in ground-up construction and the renovation of single-family residential, condos and mixed-used developments in Northeast urban markets and in Southeast Florida.

Besides Palm Beach County, its target markets include New York, New Jersey and Philadelphia.

National Realty is also involved in the planned development of a twounit luxury townhome project known as Palm Trail Townhomes I at 915 Bond Way, Delray Beach, according to the website. Final building permits are pending, and the company “anticipates closing on the land prior to final approval.”

The Delray Beach project is expected to take 18 months to complete.

Trez Forman, a joint venture formed in 2016 by Forman Capital of Boynton Beach and Trez Capital Group of Vancouver, Canada, says it closed a $3.5 million acquisition loan last month for a Palm Beach property that is earmarked for redevelopment into a new luxury spec home.

In April, it advanced a $17 million construction loan for the 30 Thirty North Ocean boutique condo project in Fort Lauderdale Beach.

dvlyons@sun-sentinel.com, 954-356-4340 or twitter: @davidvlyons