NRIA Closes $73 Million Loan With CIM Group to Begin Construction of Ocean Delray

SECAUCUS, N.J., Oct. 8, 2019 /PRNewswire/ -- Commercial real estate developer NRIA announced the closure of a $73 million loan with CIM Group to begin construction of Ocean Delray, a new condo development at 1901 South Ocean Boulevard in Delray Beach, Florida. The new oceanfront complex will feature 19-ultra luxury residences and 200 feet of private ocean front with some of the broadest seagrass dune lines in South Florida. Cushman & Wakefield arranged the financing. U.S. Construction is the General Contractor and Construction Management Partner.

Ocean Delray will occupy the former site of the Wright by the Sea Hotel and is the first oceanfront development in the City of Delray Beach in more than 30 years, and the first-ever ultra-luxury development within the city's limits.

"NRIA has taken a long position in the Delray Beach, and more specifically along Ocean Boulevard near Atlantic Avenue," said Coley O'Brien, Principal for NRIA. "We see very favorable supply-constraints as a result of Delray's historic preservation and strict zoning. That, coupled with national tax reforms has produced a strong demand for luxury, oceanfront housing."

Each of the $5 to $10 million residences are unique, with 3,373 to over 4,475 square feet of multi-level luxury living space. Designed by renowned South Florida architect Randall Stofft, the homes feature private elevators, three to five-bedrooms, four-and-a-half to six-and-a-half bathrooms and air-conditioned garages with electric charging stations. Each includes an expansive, glass-enclosed oceanfront terrace that adds 682 to over 2,850 square feet of additional living and entertainment space.

Amenities include private beachfront cabanas and lounges, pool access with five-star dressing room areas, and a state-of-the-art Peloton fitness experience room.

NRIA's general contracting partner, U.S. Construction, has begun site prep and expects construction to commence in mid-November. "We are thrilled to begin construction on this world-class development," said John Farina, President, and CEO of U.S. Construction.

IMI Worldwide Properties is the exclusive sales and marketing representative for Ocean Delray, and has pre-sold over 30% of the condo units averaging $1,720 per square foot.

SOURCE NRIA