Ram Realty Services just closed on the purchase of a site and construction financing for a mixed-use project in Deerfield Beach, property records show.
Ram affiliate RRPIV Deerfield Station LLC paid $6.6 million for the 8-acre property on West Hillsboro Boulevard and Southwest 12th Avenue. The developer also closed on a $29.3 million loan for the property. IberiaBank is the lender, records show.
Michael Harstad, vice president of construction for the company, said Ram plans to break ground on Deerfield Station, a 226-unit apartment complex with 7,675 square feet of retail space, in the first quarter of next year. It would be completed in the second quarter of 2019.
Records show PNC Bank affiliate Bancshares Realty LLC sold the development site to Ram. The property, next to the Deerfield Beach Tri-Rail Station, was once slated to become a $180 million retail-and-residential complex with office, parking and hotel components centered around public transportation, according to the Sun Sentinel. It was auctioned off in 2014.
New development in Deerfield includes Group P6’s Elysian and Fordham condo buildings, and Pioneer Grove, a 119-acre redevelopment of the city’s old downtown.
Ram, based in Palm Beach Gardens, has commercial projects throughout the Southeast.
Last week, a Ram development in south Miami-Dade hit a roadblock when a federal judge ordered a stop to bulldozing at the site due to environmental concerns.