Time Equities has secured a $160 million construction loan for a multifamily development in Boynton Beach, Fla., property records show.
The financing from M&T Bank will cover a phase of the 16.5-acre Town Square public-private partnership: an eight-story building with 465 apartments, 50,000 square feet of amenities, 6,300 square feet of retail space, and a 1,005-spot parking garage.
Located at 120 Southeast First Avenue, the development will rise on a 3.8-acre site south of the Boynton Beach City Hall and about three blocks west of Dixie Highway.
In May, Boynton Beach Community Redevelopment Agency approved a tax increment revenue financing agreement worth $20 million for the development, in return for setting retail rents across 1,000 square feet at 50 percent of market rate. The New York-based developer will also fund the build-out of the first retail tenant at $50 a square foot, or $200,000 in total.
In 2023, Time Equities purchased a nearly 9-acre parcel for $44 million from JKM Developers, which in 2020 completed the first phases of Town Square, including Boynton Beach’s City Hall and Library, Fire Station No. 1, Cultural Center and Centennial Park Amphitheater.
Time Equities has to develop another multifamily building within the Town Square development, which is expected to start construction in 2031. The plans call for 433 apartments, 16,809 square feet of retail and 1,049 parking spaces.
A representative for Time Equities did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
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