A joint venture between Morgan Group and Rockpoint Group closed on a construction loan for a luxury rental development in Boynton Beach.
Wells Fargo is providing the $66 million loan to Cortina III Owner LLC, property records show. The developers acquired the site at 550 Minori Lane in July for nearly $20 million from BlackRock.
Morgan Group, a Houston, Texas-based residential developer, and Rockpoint, a Boston-based private equity firm, plan to build 378 luxury apartments and 55 townhomes within seven, four-story buildings and 11, two-story townhome buildings with garages on the 18.5-acre property.
The site is part of the Boynton Village and Town Center’s master plan, which includes two other multifamily projects – The District Boynton and Alta at Cortina – along with an existing retail center anchored by Target, Total Wine & More, and Best Buy.
Last year, Rockpoint and the Related Group announced they were partnering on a new division within Related focused on acquiring value-add multifamily properties in Florida and throughout the Sun Belt.