Hyperion lands equity partner, $108M construction loan for delayed Boynton Beach apartments
Hyperion Group’s long-planned Boynton Beach apartment project got a jumpstart with a $108 million construction loan and an equity partnership with Silverstein properties. The deal comes as South Florida’s multifamily market is feeling the sting from a supply overhang following hefty completions in recent years and slower in-migration. As a result, lease-ups have slowed, concessions have increased and average rents in the region have decreased. Miami-based Hyperion and New York-based Winter Properties plan the eight-story, 371-unit luxury Ocean One building at 114-222 North Federal Highway. Madison Realty Capital provided the construction loan. Adam Doneger was part of the Newmark team […]This article originally appeared on The Real Deal. Click here to read the full story.
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