Luxury residential developer, Group P6 has obtained a $68.5 million construction loan from CIM Group to begin construction for Royal Palm Residences in downtown Boca Raton. Located at the corner of Fifth Avenue and East Royal Palm Road. The nine-story, 48-residence condominium is expected to be delivered in 2022.
“We are excited about this project and this brings us one step closer to completion,” said Group P6 Managing Partner Ignacio Diaz in a press release. “Our pre-construction sales have exceeded expectations, especially considering the pandemic, and securing this loan helps continue the momentum.”
Boca Raton-based design firm RLC ARCHITECTS designed Royal Palm Residences, their first project working for Group P6, and Suffolk Construction will be the project’s general contractor.
“We selected Suffolk because of their market presence, as probably the largest contractor in Florida,” Diaz added. “This is a momentous project for us. We have put together the best of our experiences and learning to build the best team we could have ever imagined. A truly major league assembly of players, from design to construction.”
Interior design firm Zelman Style Interiors is handling interior customization and design, while One Sotheby’s International Realty is exclusively handling sales and marketing for the project.
Royal Palm Residences is over 40% sold, with remaining residences starting at $1.9 million. The three to five-bedroom residences range from 2,425 to 7,168 square feet and feature dual-entry private elevator access directly into the unit, Wolf gas barbecues built into large outdoor terraces, underground. parking, an expansive wellness plaza, with pool, heated spa and club room. The building will also feature a 24-hour doorman and residents will have access to Boca Rio Golf Club, located just west of the new residences.