Developer Scores $96M Construction Loan for Boca Raton Rental
By Julia Echikson November 4, 2021 5:57 pm
reprints
West Palm Beach-based North American Development Group (NADG) has scored a $95.7 million construction loan from Wells Fargo (WFC) for a massive rental community in Boca Raton, Fla., property records show.
The development firm, led by John W.S. Preston, purchased 127 acres for $33.3 million last year. The parcel — formerly part of the Mizner Trail Golf Club — is located between Camino Del Mar and W Camino Real. The golf club closed in 2005, and nothing ever replaced it.
The property is zoned for 252 residences, which include townhomes, single-family homes and apartments, according to the Palm Beach Post.
Previously, a party advising the seller in 2020, Concord Wilshire Capital, said NADG would build the homes across seven gated communities as well as a shared amenities center. Representatives for NADG did not respond to requests for confirmation or comment.
NADG has built over 6,500 residential units as well as acquired and improved over 1,000 acres of residential land in the U.S. and Canada, the company says.
