Hyperion Group has secured a $108 million construction loan and an equity partnership with Silverstein Properties for its long-delayed Boynton Beach apartment project. The development, called Ocean One, is planned as an eight-story building with 371 luxury units at 114-222 North Federal Highway. Miami-based Hyperion is partnering with New York-based Winter Properties on the project, and Madison Realty Capital provided the construction loan.
Adam Doneger from Newmark represented Hyperion and Winter in the equity deal, while Jordan Roeschlaub from Newmark represented the borrowers in securing financing. Silverstein Properties, based in New York, is led by Larry and Lisa Silverstein.
The new funding follows additional local government incentives for Ocean One. In January, the Boynton Beach Community Redevelopment Agency increased its tax increment financing (TIF) allocation to $11.5 million from $9 million, marking its largest TIF award to date. Despite this increase, Hyperion had initially requested a $16 million subsidy due to higher construction costs, rising insurance expenses, persistent inflation, elevated interest rates, and tariff-related uncertainty.
Hyperion CEO Rob Vecsler and Winter CEO David Winter have been working on Ocean One since at least 2023. The developers purchased the 3.7-acre site for $12 million in 2021 and received project approval in 2023. Completion was originally expected earlier this year.
South Florida’s multifamily market has experienced a slowdown after record levels of new construction during the pandemic era. Developers completed 18,600 units in the tri-county region in 2024 according to CoStar data; another 12,718 units were finished last year as supply outpaced demand and average rents declined.
Despite slower lease-ups and increased concessions—such as one-to-two months of free rent—developers remain optimistic that demand will recover by the time current projects are ready for occupancy. Some are also expecting renewed migration into South Florida due to changing political conditions elsewhere.
Construction financing remains available despite higher interest rates. Last month saw several notable deals: Clara Homes obtained $80 million for a luxury apartment building in Bay Harbor Islands; Development Alliance received a $43.3 million loan for Nexus Leah in Hialeah; Ascentris and Zom Living secured $92.3 million for a redevelopment project in Doral.
