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The Meyers Group landed a $38.2 million construction loan for a multifamily development in Lake Worth, Fla., property records show.
Called Avery Lake Worth Beach, the project is set to feature 200 units across two five-story buildings at 3300 Boutwell Road, about half a mile west of the I-95. Amenities will include a clubhouse, pool, business center, gym and dog park.
American Equity Investment Life Insurance Company funneled $4.2 million to the Aventura-based developer in 2021, shortly after it had purchased the 4.7-acre site for $4.1 million.
Now the Iowa-based life insurance company has increased the mortgage by $34 million, bringing the total financing to $38.2 million, according to mortgage documents. A representative for Meyers did not immediately respond to a request for comment.
Lake Worth, a historically working-class town located near Palm Beach Island, has seen an uptick in multifamily development as rents have soared across South Florida since the start of the pandemic.
In May, Office America Group and Avanti Way Group secured a $31.5 million construction loan for a 125-unit rental property two miles away. MAG Real Estate & Development recently completed a 24-unit townhome development after securing construction financing from Madison Realty Capital two years ago.
Julia Echikson can be reached at jechikson@commercialobserver.com.
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