13th Floor scores $22M loan to redevelop golf course in west Delray Beach

13th Floor closed on the 110-acre property last year for $5.4M

Rendering of Avalon Trails and Mike Nunziata of 13th Floor Homes

Rendering of Avalon Trails and Mike Nunziata of 13th Floor Homes

13th Floor Homes closed on a construction loan for a massive redevelopment of a golf course in west Delray Beach.

Property records show that the homebuilding division of 13th Floor Investments received a $21.9 million loan from CIBC Bank for Avalon Trails, a 55-plus age restricted community planned for the shuttered 18-hole Marina Lakes Golf Course.

About a year ago, Marina Lakes LLC, tied to Peter Vitale, sold the 110-acre property at 4800 Cumberland Drive to 13th Floor for $5.4 million.

In all, Avalon Trails will have about 524 residential units, built next to the Villages of Oriole.

The 13th Floor development will include single-family homes, villas and multifamily units with prices ranging from the $300,000s to $500,000s.

Once it’s completed, Avalon Trails will feature clubhouses, resort-style pools, card rooms, gyms, business centers, game areas, tennis and pickleball courts, bocce ball, landscaped walkways, and lakefront park areas. The developers are also incorporating a 2.4-mile eco-fitness trail.

Zoning allowed for up to 1,200 units to be built, but nearby residents, who OK’d the current plan last year, were opposed to high-density development and wanted the project to be age-restricted. The Village of Orioles, which has 3,742 homes, is also restricted to residents who are at least 55 years old.

A number of developers are buying golf courses to convert them into single-family home communities, including Lennar Corp. and Pulte Group.

Last year, Lennar revealed plans for 415 single-family homes and townhomes on the site of the former Crystal Lake Golf Club, marking the homebuilder’s first master-planned community in Deerfield Beach in more than 25 years.

US home sales drop as inventory grows in February: report

Blackstone claims to be caught in “brazen attempted shakedown” over It…

Ultra luxe real estate prices in Miami could rise at the second-fastes…

Home flipping is at highest rate in nearly a decade: report

PHOTOS: On the scene at Delray Beach home tour

.metaslider-198169 .theme-default .nivo-caption {
opacity: 1;
margin: 0px 0px;
color: rgba(255,255,255,1);
background: rgb(0,0,0);
background: rgba(0,0,0,0.7);
width: 100%;
top: auto;
right: auto;
bottom: auto;
left: auto;
clear: both;
position: relative;
border-radius: 0px;
-webkit-border-radius: 0px;
-moz-border-radius: 0px;
}

.metaslider-198169 .theme-default .nivoSlider:hover .nivo-directionNav a {
opacity: 0.7;
}

.metaslider-198169 .theme-default .nivo-prevNav {
left: 5px;
background: transparent url(http://therealdeal.com/miami/wp-content/plugins/ml-slider-pro/modules/theme_editor/assets/arrows/black.png) 0 -0px;
width: 23px;
height: 51px;
margin-top: -25.5px;
opacity: 0;
}

.metaslider-198169 .theme-default .nivo-nextNav {
right: 5px;
background: transparent url(http://therealdeal.com/miami/wp-content/plugins/ml-slider-pro/modules/theme_editor/assets/arrows/black.png) 100% -0px;
width: 23px;
height: 51px;
margin-top: -25.5px;
opacity: 0;
}

.metaslider-198169 .theme-default .nivoSlider {
-webkit-box-shadow: none;
-moz-box-shadow: none;
box-shadow: none;
overflow: visible;
}

var metaslider_198169 = function($) {
$(‘#metaslider_198169’).nivoSlider({
boxCols:7,
boxRows:5,
pauseTime:3400,
effect:”fade”,
directionNav:true,
pauseOnHover:true,
animSpeed:600,
prevText:”<“,
nextText:”>”,
slices:15,
controlNavThumbs:true,
manualAdvance:false
});
};
var timer_metaslider_198169 = function() {
var slider = !window.jQuery ? window.setTimeout(timer_metaslider_198169, 100) : !jQuery.isReady ? window.setTimeout(timer_metaslider_198169, 1) : metaslider_198169(window.jQuery);
};
timer_metaslider_198169();

The Corcoran Group sponsored a home tour of Delray Beach earlier this month.
Corcoran sponsored one of the eight homes on the tour, which benefitted the Achievement Centers for Children and Families. The event took guests into a series of Delray Beach homes and included lunch at the Delray Playhouse.
Agents Gay Bridges, Laura Rodriguez, Susan Long, Jennifer Kilpatrick, Timothy Mandala, Ryan Fulton, Phil Friis, Nolan Pierami, Laurie Dietz, Adrienne Cera, Anne Bennett and John Phanco are all involved in the home tour, according to a press release.
Delray Beach has seen a number of new developments, including hotels and restaurants. Downtown Delray Beach in particular has morphed from blighted slum to night-life hot spot in the last 30 years, but city leaders are still tweaking their formula for success. – Katherine Kallergis and Sean Stewart-Muniz

Source: The Real Deal Miami