SunTrust Bank has provided a $29.7 million mortgage for the SOFA Delray apartment project.
RD Delray LLC, an affiliate of Miami-based the Related Group, arranged the loan to develop its 172-unit project in Delray Beach, according to the South Florida Business Journal. SOFA refers to the expression “South of Atlantic.”
The funds will be divided between buildings of 117 and 55 units. The buildings were designed by Delray Beach-based Richard Jones Architecture.
The project is located at 124 through 158 Southeast Second Avenue and 155 through 189 Southeast Third Avenue. Demolition of existing buildings has already begun. [SFBJ] – Christopher Cameron