13th Floor Investments, Rockpoint Group Secure $100M Construction Financing for 340-Unit Multifamily Development in Boca Raton

13th Floor Investments and Rockpoint Group announced the formation of a joint venture to develop Link at Boca, an eight-story transit-oriented multifamily development in Boca Raton, Florida. The project secured $100 million in construction financing from Santander Bank and will deliver 340 residential units along with approximately 24,000 square feet of lifestyle-focused retail space.

Located at 680 West Yamato Road, adjacent to the Boca Raton Tri-Rail Station, the development represents a public-private partnership with the South Florida Regional Transportation Authority (SFRTA). 13th Floor Investments was previously selected through an RFP process to lease publicly owned land and transform the area around the station into a walkable mixed-use environment.

Commercial Real Estate Financing and Development Timeline

The joint venture secured the $100 million construction loan from Santander Bank to fund the real estate development. Groundbreaking is anticipated to take place in February, with construction estimated to take approximately 24 months.

"Partnering with Rockpoint and securing this financing from Santander Bank marks an important milestone for Link at Boca and reflects confidence in both the project and the long-term fundamentals of transit-oriented development in Boca Raton," said Daryl Shevin, Chief Financial Officer and Principal of 13th Floor Investments. "Through this well-capitalized joint venture, we're looking forward to breaking ground and delivering a thoughtfully designed, mixed-use community that enhances connectivity and everyday life around the Tri-Rail station."

Multifamily Real Estate and Transit-Oriented Development Strategy

"The Link at Boca is an opportunity for Rockpoint to expand on its strong existing presence in South Florida, and we're excited to partner with 13th Floor Investments to develop the property," said Dan Domb, Managing Member and COO at Rockpoint. "Boca Raton stands out as a highly attractive, economically resilient submarket within the greater Palm Beach market."

Retail Real Estate Component

The ground-floor retail space will serve residents, transit riders, and the surrounding Boca Raton community.