Richman Group receives $ 57 million loan for golf course apartments

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Richard Paul Richman, founder and chairman of the Richman Group and 9260 Boca Vue Drive in Boca Raton (Source: Google Maps)

The Richman Group received a $ 57.4 million home loan to build an apartment complex on part of Boca Dunes Golf & Country Club.

The Richman Group, based in Greenwich, Connecticut, secured the loan from PNC Bank to build the 354-unit housing project on 9260 Boca Vue Drive in Boca Raton, records show. The property will consist of 15 buildings, a swimming pool and a spa.

Richman Group bought 55 acres of the 98 acre golf course for $ 12.5 million in June 2019, Show records.

The company received a construction commencement notice at Palm Beach County on Friday to begin construction. The client is Kast Construction.

handyman K. Hovnanian previously bought part of the golf course in 2016 to build a 211 townhome project.

The Richman Group owns 1,500 properties with 115,000 units and is the seventh largest rental home owner in the United States, according to its website. There was construction going on in South Florida Blu27, a 330-unit building located on 2701 Biscayne Boulevard in Miami’s Edgewater neighborhood.

Increasingly, builders like Lennar Corp. and Toll Brothers on Golf courses in South Florida and the construction of single-family and townhouse communities as land is becoming scarce for new housing developments.

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