Gamma Real Estate, based in New York, has closed on a $6.075-million acquisition loan enabling National Realty Investment Advisors (NRIA) to purchase an undeveloped ocean front parcel, suitable as luxury home sites, in Delray Beach, Florida. The interest-only funding is for a term of 18 months.
The land, totaling nearly an acre at 322 North Ocean Boulevard, less than a half-mile from East Atlantic Avenue, the city’s vibrant dining, shopping and entertainment corridor. NRIA is in the process of preparing site plans and obtaining permits for single-family development on the parcel. The firm intends to market it to another developer.
“Kudos to NRIA for uncovering a golden opportunity to unlock huge value on this irreplaceable home site,” says Jonathan Kalikow, president of Gamma Real Estate. “Development of this ideally situated land appeared to be hindered by zoning restrictions because of its presumed ownership structure. But thorough due diligence revealed a different set of circumstances, removing that hindrance.”
Delray Beach, situated along I-95, is a city of approximately 66,000 residents, 50 miles north of Miami. The city has two miles of beautiful public beaches, a downtown undergoing a vigorous revitalization, and several historical districts.
NRIA, founded in 2006, is a vertically integrated investment, management and development firm with extensive experience in ground-up construction and redevelopment of residential property, primarily in the Philadelphia and New York metropolitan areas. The firm has a pipeline of current projects valued in excess of $170 million.
Gamma Real Estate is a boutique commercial real estate firm based in New York City. Owned and operated by the Kalikow family, the firm boasts a 45-year history of success as both lenders and owners of commercial real estate. For more information, please visit www.Gammarealestate.com.