13th Floor Investments and Rockpoint landed a $100 million construction loan for a transit-oriented multifamily project in Boca Raton, Fla., the joint venture announced. 

The financing from Santander Bank covers Link at Boca, an eight-story development to be built at 680 West Yamato Road, adjacent to the Boca Raton Tri-Rail station and just west of Interstate 95. The project will include 340 apartments, 650 parking spots and 24,000 square feet of ground-floor retail space.

Construction will begin this month and is expected to be completed in 24 months. Link at Boca will feature a mix of units ranging from 600-square-foot studios to 1,300-square-foot three-bedrooms.  Amenities will include a pool deck and coworking spaces. 

“Boca Raton stands out as a highly attractive, economically resilient submarket within the greater Palm Beach market,” Dan Domb, a managing member and chief operating officer at Rockpoint, said in a statement. “The team at 13th Floor Investments shares our conviction in the market’s solid multifamily fundamentals given durable demand and supply constraints.”

13th Floor Investments was chosen by the South Florida Regional Transportation Authority to lease and develop the nearly 8-acre, state-owned site.

The project is 13th Floor Investment’s latest public-private partnership under the transit-oriented Link brand. It has also developed the Link at Douglas complex adjacent to Douglas Road Metrorail station along the border between Coconut Grove and Coral Gables. The campus includes 1,603 residential units, 280,000 square feet of office, and 68,000 square feet of retail. Two more towers are also planned. 

Rockpoint is a Boston-based private equity firm with a long track record of investing in South Florida. Last year, it secured a $424 million construction loan for oceanfront condo development in Bal Harbour with Related Group and Two Roads Development. In 2022, it sold The Shops at Mary Brickell Village for $216 million to RPT Realty.

Julia Echikson can be reached at jechikson@commercialobserver.com.