Meyers Accesso Secures $46.2 Million Construction Loan For 200-Unit Upscale Multifamily Community

CRE-Sources

By Debbie Colangelo

August 14, 2023

Meyers Accesso has secured $46.2 million in financing from American Equity Investment Life and SteepRock Capital to advance the development of a 200-unit multifamily community in Palm Beach County called Avery Lake Worth.

Located south of 10th Avenue North on Boutwell Road in Lake Worth Beach, the property benefits from ease of access to Interstate 95 and close proximity to employment centers and many of the area’s most desirable amenities, including shopping, dining, entertainment and beaches. Construction is expected to begin this summer.

Avery Lake Worth will consist of two five-story buildings with surface parking and a shared outdoor common area that will include several resort-style amenities. Adding to the community’s appeal is its location within 30 minutes of downtown districts in Lake Worth Beach, West Palm Beach and Boca Raton, as well as Lake Worth Lagoon, Lake Worth Beach Golf Club, The Palm Beaches, and several other attractions.

“Our ability to obtain this loan, especially at a time when commercial real estate financing has become incredibly difficult to come by, is a clear reflection of the strength of our development plan and our deep understanding of the housing needs in this market,” stated Ariel Bentata, Co-Chairman and Co-CEO of Meyers Accesso. “There is significant demand for rental housing that provides an elevated living experience and access to the best that the area has to offer. We look forward to breaking ground on Avery Lake Worth and adding much-needed supply to help address the rental shortage in Palm Beach County.”

Avery Lake Worth will offer a variety of one- and two-bedroom floorplans, each featuring a suite of modern amenities.

“We are thrilled to move forward our development plan for Avery Lake Worth,” commented Stuart Meyers, Co-Chairman and Co-CEO of Meyers Accesso. “There is a serious need for the type of product we are developing in this market as a result of the high number of individuals, families and businesses who have moved to the area over the past few years in search of better quality of life. Once complete, Avery Lake Worth will provide the many rental seekers in Palm Beach County with a high-quality, resort-like destination that combines hassle-free living with luxury on demand.”

Avery Lake Worth is the second property Meyers Accesso is developing alongside its limited partners, Atlantic American Partners, joining Avery Dania Pointe, a 264-unit class A multifamily property in South Florida that was constructed in 2020.

Pre-leasing at Avery Lake Worth is slated to launch in spring 2025, with construction expected to be completed shortly thereafter.