Homebuilder obtains $22M to build on shuttered golf course


June 27, 2019 - South Florida Business Journal

Miami-based 13th Floor Homes has commenced work on the Avalon Trails community west of Delray Beach after obtaining a $21.9 million construction loan.

CIBC Bank USA awarded the mortgage to 13FH Avalon LP, an affiliate of the homebuilding subsidiary of 13th Floor Investments. It covers the 110-acre site at 7472 N. Oriole Blvd.

Ryan Incorporated Southern recently filed notice with the county that it started site work there. The project will have 521 homes for buyers age 55 and up.

The homebuilder said the first deliveries should be in the first quarter of 2020. It hasn’t finalized the pricing and square footage of the homes.

Avalon Trails will have a clubhouse with pools, card rooms, fitness equipment, a business center, and a billiards room, plus courts for tennis, pickle ball and bocce ball. About 50 percent of the development land will be dedicated to green space and community features, such as lakes, landscaping and a 2.4-mile fitness trail.

The developer acquired the property for $5.4 million in 2018. It’s near the Villages of Oriole.