South Florida Business Journal
August 11, 2023
By Brian Bandell
Meyers Accesso is building the Avery Lake Worth apartments.
An affiliate of Aventura-based Meyers Accesso, a joint venture between Meyers Group and Accesso, obtained a $38.23 million construction loan to build apartments in Lake Worth Beach.
Iowa-based American Equity Investment Life Insurance Co. provided the financing to MA Investment Boca LLC, managed by Stuart I. Meyers of Meyers Group, by assuming a $4.2 million mortgage from a prior lender and boosting the loan to $38.23 million. The developers obtained additional financing from SteepRock Capital to bring the total amount of financing to $46.2 million. It covers the 4.7-acre site at 3300 Boutwell Road, which is just south of 10th Avenue North and west of Interstate 95.
“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.”
The vacant property was acquired for $4.1 million in 2021.
The city approved plans for the Avery Lake Worth Beach, featuring 200 apartments in two buildings of five stories each and about 225 parking spaces. Amenities will include a clubhouse, a pool, a gym, a game room, a yoga studio, a package room and a dog park. The developer said construction should be completed in mid-2025.
There’s been more development in Lake Worth Beach in recent years as residents seek less expensive apartments still within driving distance of the employment centers in Boca Raton and West Palm Beach.
“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,” Meyers stated.