Oceanfront condo project in Delray Beach obtains $45M construction loan
The 1625 Ocean condo project will move forward in Delray Beach after the developer obtained a $44.65 million construction loan.
Madison Realty Capital, which has a Miami office, provided the mortgage to New Jersey-based U.S. Construction for the 1.17-acre site at 1625 S. Ocean Blvd. Arranged by Ackman Ziff, the loan will allow U.S. Construction to commence demolition of the old Delray South Shore Club condo to make way for a luxury building on the beach. continued…