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, is at 707 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 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.”
