Office America JV scores $32M Loan For Lake Worth Project
Office America Group and Avanti Way Group nabbed a $31.5 million construction loan for a planned mixed-use project in Lake Worth Beach.
An affiliate of Madison Realty Capital provided the financing for the joint venture, records show.
Office America and Avanti Way, both based in Miami, are planning Deco Green, a four building complex spanning 125,000 square feet at 1715 North Dixie Highway in Lake Worth Beach. The project will entail 125 apartments, 8,000 square feet of office and retail space and 20,000 square feet of green space, according to city records.
The Lake Worth Beach City Commission approved Deco Green in 2021. The joint venture paid $2.5 million for the 2.3-acre development site last year, records show. The Lake Worth Community Redevelopment Agency sold the property.
Office America and Avanti Way plan to break ground in 90 days, and anticipate completing Deco Green next year, according to a press release.
Designed by Coconut Creek-based Martin Architectural Group, Deco Green will be a mix of Art Deco and Bauhaus styles, the release states. The apartments will include one- to three-bedroom units with an average asking rent of $2.55 a square foot, a spokesperson for the joint venture said.
Led by CEO Ricardo Hernandez, Office America is a boutique real estate development company with four active projects in South Florida worth $121 million, according to an online brochure about the firm. Avanti Way, led by co-CEOs Enrique Teran and Andres Korda, is a real estate investment, property and asset management and brokerage firm. The firm’s residential brokerage arm has closed more than $5 billion in deals, and Avanti Way’s property and asset management division has more than $1 billion in assets under management, according to the company’s website.
Lake Worth Beach is getting an influx of new multifamily projects. Last year, Altman Companies paid $14 million for 110 acres of a golf course in the city. The Boca Raton-based developer and its partner, J.P. Morgan Global Alternatives, are planning Altis Blue Lake, a garden-style rental community with 318 apartments and 696 parking spaces.
In 2021, Lake Worth Beach city commissioners approved Advantis, a proposed 230-unit apartment complex on a 6.4-acre development site at 2253 Keast Lane. New Smyrna Beach-based Prospect Real Estate Group and Miami-based Midtown Capital are co-developing Advantis.
