Miami Developer Lands $54M to Build Rental Property in Palm Beach County
By Julia Echikson March 13, 2025 2:25 pm
reprints
TM Real Estate Group is branching out of Broward County and into neighboring Palm Beach County to build a mixed-use development.
The Coconut Grove-based developer secured a $53.5 million construction loan from Truist Bank to develop Shalimar in Boynton Beach, Fla., property records show.
The development will be built on 13 acres of vacant land at 3570 West Boynton Beach Boulevard, abutting the Quail Ridge Country Club golf course, about half a mile south of the Boynton Beach Mall. Shalimar will include 250 residential units, a 9,850-square-foot clubhouse, and two retail buildings totaling 4,300 square feet.
TM Real Estate Group purchased the site for $16 million four years ago, according to property records. Construction got underway this past December.
Within South Florida, the developer’s portfolio includes four multifamily properties, which it developed in Broward County.
Since the height of the pandemic, multifamily development has slowed in South Florida as interest rates rose and rent growth stalled. But garden-style properties are typically an easier sell to lenders since they’re cheaper to develop than towers.
A representative for TM Real Estate Group did not immediately respond to request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
