T
M Real Estate Group has secured a $53.5 million construction loan from Truist Bank to develop the Shalimar at Boynton Beach, a 250-unit apartment complex in Boynton Beach. The project, approved in 2022, will feature 10 buildings, a clubhouse, and retail space. Despite a slowdown in South Florida's multifamily market due to an overabundance of supply, developers continue to secure construction loans.

    The Shalimar at Boynton Beach project is part of TM Real Estate Group's portfolio, which includes other multifamily and mixed-use properties in the region. The company paid $16 million for the 12.5-acre development site in 2021. South Florida's multifamily market has experienced a slowdown since the boom years of 2021 and 2022, with slower lease-ups and increased concessions.

    Experts predict that demand could catch up to supply later this year or next, partly due to a drop in construction starts. Meanwhile, other developers have secured construction loans for multifamily projects in the region, including White Oak Development's $67 million loan for a pair of buildings in Davie.