Richman Nabs $28M Refi for New Boca Rental

reprints


Richman Group secured $28 million from MetLife’s real estate lending arm for a residential community in Boca Raton, Fla., property records show. 

Called Boca Vue, the 345-unit property sits on 31 acres at 9260 Boca Vue Drive, between the Florida Turnpike and U.S. Highway 441 in Boca Raton.

SEE ALSO: Partners Group Acquires Minority Stake in Hotel Developer Trinity Investments

The Greenwich, Conn.-based developer completed the four-building property in 2021 after nabbing a $57.4 million construction the year prior from PNC Bank. The recent financing is a 10-year, fixed-term loan, according to a representative for MetLife.

Founded in 1986, Richman has grown its portfolio to include 2,070 properties with over 166,500 units. The developer, which also has a lending business, remains active in South Florida.

Last July, Richman secured a $100 million construction loan, again from PNC Bank, for a similar 396-unit rental complex in Palm Beach Gardens. Near Miami’s Overtown neighborhood, the firm purchased a developable, 2.6-acre vacant lot for $23 million in September. More recently in January, it proposed a five-story apartment building in Lake Worth. 

A representative for Richman did not immediately respond to a request for comment. 

Julia Echikson can be reached at jechikson@commercialobserver.com.