13th Floor Key International Secures $79.2 Million Construction Loan for Delray Beach Project, Amid South Florida Lending Boom: Mistakes to Avoid

13th Floor Key International Secures $79.2 Million Construction Loan for Delray Beach Project

Miami’s 13th Floor Key International has secured a .2 million construction loan for a 327-unit apartment complex in Delray Beach, amid a surge in lending for new rental projects in the region.

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var(–wp–preset–gradient–midnight) !important;}.has-small-font-size{font-size: var(–wp–preset–font-size–small) !important;}.has-medium-font-size{font-size: var(–wp–preset–font-size–medium) !important;}.has-large-font-size{font-size: var(–wp–preset–font-size–large) !important;}.has-x-large-font-size{font-size: var(–wp–preset–font-size–x-large) !important;}”,”type”:”list”,”__typename”:”StyleItem”}],”post”:{“id”:”cG9zdDoxMDAxODQx”,”databaseId”:1001841,”title”:”13th Floor, Key International score $79M construction loan for 327-unit Delray Beach apartment complex”,”status”:”publish”,”slug”:”13th-floor-key-international-nab-rentals-construction-loan”,”uri”:”/miami/2025/11/20/13th-floor-key-international-nab-rentals-construction-loan/”,”link”:”https://therealdeal.com/miami/2025/11/20/13th-floor-key-international-nab-rentals-construction-loan/”,”dateGmt”:”2025-11-20T19:33:29″,”contentTypeName”:”post”,”contentFiltered”:”u003cpu003e13th Floor Investments and Key International scored a $79.2 million construction loan for a 327-unit apartment complex in Delray Beach.u0026nbsp;u003c/pu003enu003cpu003eThe financing comes amid continued lending for new rental projects in South Florida, despite a multifamily supply overhang in the tri-county region.u0026nbsp;u003c/pu003enu003cpu003eCoconut Grove-based 13th Floor and Brickell-based Key International started construction of the Skye complex at 2100 South Congress Avenue within their 50-acre Parks at Delray mixed-use project, according to the developers’ news release and a spokesperson. Boca Raton-based CDS International Holdings and Wexford Capital, with offices in West Palm Beach and Greenwich, Connecticut, are project partners.u0026nbsp;u003c/pu003enu003cpu003eCIBC Bank USA is the lender, the release says.u0026nbsp;u003c/pu003enu003cpu003eDesigned by MSA Architects, Skye will consist of studios and one-bedroom to three-bedroom apartments, ranging from 560 square feet to 1,410 square feet. It also will have three-bedroom rental townhomes ranging from 1,670 square feet to 1,770 square feet.u0026nbsp;u003c/pu003enu003cpu003eConstruction is expected to be completed in 2027, according to the release.u0026nbsp;u003c/pu003enu003cpu003eThe master-planned Parks at Delray is on the southwest corner of South Congress Avenue and Old Germantown Road. Last month, the developers scored a u003ca href=”/miami/2025/10/28/13th-floor-partners-nab-refi-for-delray-beach-apartments/”u003e$139 millionu003c/au003e refinancing for the Parks at Delray’s first phase consisting of the 420-unit Savio apartment complex. Savio is leased up, the release says. CIBC also was the lender on the refinancing.u0026nbsp;u003c/pu003enu003cpu003eParks at Delray also will include commercial space, such as retail and dining, and a 1.5-acre park, media reports say. The developers paid u003ca href=”/miami/2019/01/03/former-office-depot-hq-in-delray-beach-sells-for-33m-to-make-way-for-mixed-use-project/”u003e$33 millionu003c/au003e, combined, for the entire development assemblage in late 2018, according to records.u0026nbsp;u003c/pu003enu003cpu003eLed by Arnaud Karsenti, 13th Floor was founded in 2008. After developing some of Miami-Dade County’s condo towers, the firm has focused on multifamily in recent years, including projects through public-private partnerships.u0026nbsp;u003c/pu003enu003cpu003e13th Floor and Barings are developing the 432-unit u003ca href=”/miami/2025/05/27/13th-floor-barings-nab-125m-loan-for-miami-project/”u003eCadenceu003c/au003e apartment tower at the Link at Douglas mixed-use project adjacent to the Douglas Road Metrorail Station in Miami’s Coconut Grove. 13th Floor is leasing the Link at Douglas site from Miami-Dade County.u0026nbsp;u003c/pu003enu003cpu003eThe Ardid family’s Key International was started by patriarch Jose Ardid, and his sons, Inigo and Diego, now lead operations. The firm has a portfolio of more than 6,000 condos and apartments, and $2 billion of hospitality assets under management with more than 3,000 hotel keys, plus commercial investments. Its hotels include Eden Roc and Marriott Stanton Resort in Miami Beach, and it also developed the Ivy and Mint condos in downtown Miami.u0026nbsp;u003c/pu003enu003cpu003eKey International and 13th Floor have been frequent partners, including on North Miami Beach’s The Harbor and Miami’s 1010 Brickell. In Miami’s Brickell, they plan a 74-story, u003ca href=”/miami/2025/11/04/13th-floor-key-intl-plan-brickell-nobu-branded-condo-tower/”u003eNobu-brandedu003c/au003e condo tower with 300 units behind the u003ca href=”/miami/2025/04/10/residents-lose-fight-against-13th-floor-keys-brickell-condo/”u003eFirst Miami Presbyterian Churchu003c/au003e at 609 Brickell Avenue.u0026nbsp;u003c/pu003enu003cpu003eAcross South Florida, lease-ups at multifamily properties have slowed and concessions increased after a construction flurry in recent years. Developers completed a record 18,600 apartments last year, outpacing 15,000 net new leases, according to CoStar Group. In the 12-month period that ended Sept. 30, construction started on u003ca href=”/miami/2025/10/31/are-developers-overbuilding-apartments-in-south-florida/”u003e14,515 apartmentsu003c/au003e in South Florida, according to data from CoStar.u0026nbsp;u003c/pu003enu003cpu003eDevelopers starting new projects argue that demand will catch up by the time they complete their buildings next year and in 2027 and 2028. Property managers leasing the new buildings argue the continuing construction flurry will intensify a leasing slowdown.u0026nbsp;u003c/pu003enu003cpu003eIn June, Oak Row Equities scored a u003ca href=”/miami/2025/06/18/oak-row-secures-211m-construction-loan-for-edgewater-rentals/”u003e$210.5 millionu003c/au003e construction loan for the 324-unit 2900 Terrace apartment tower on the northeast corner of Northeast 29th Street and Northeast Fourth Avenue in Miami’s Edgewater.u0026nbsp;u003c/pu003enu003cpu003eIn Margate, Trammell Crow landed u003ca href=”/miami/2025/08/20/trammell-crow-nabs-construction-loan-for-margate-rentals/”u003e$66.4 millionu003c/au003e in August to build a 338-unit apartment complex atu0026nbsp; 785-795 South State Road 7.u0026nbsp;u003c/pu003enu003csection class=”ReadMoreSection_root”u003entu003ch4 class=”ReadMoreSection_title”u003eRead moreu003c/h4u003enttttttttu003ca class=”BlogrollPost” href=”/miami/2025/11/19/gamla-cedron-converting-little-havana-apts-to-condos/”u003enttttu003carticle class=”BlogrollPost_container”u003entttttu003cfigure class=”BlogrollPost_image FeaturedImage”u003entttttttttttttu003cimg decoding=”async” width=”200″ height=”133″ src=”https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_New-Condo-Project-Launches-200×133.jpg” class=”FeaturedImage_image wp-post-image” alt=”Shaoul Mishal and Joe Azar with a rendering of the Centralis Residences Miami at 1110 Northwest First Street” loading=”lazy” /u003etttttttttttu003c/figureu003entttttu003cdiv class=”BlogrollPost_content”u003enttttttu003cdiv class=”BlogrollPost_heading”u003entttttttu003cdiv class=”MarketSectorLabel_categoryCityLabelWrapper”u003enttttttttttttttttu003cdiv class=”MarketSectorLabel_sectorLabel”u003entttttttttDevelopmentttttttttu003c/divu003enttttttttttttttttttttttttu003cdiv class=”MarketSectorLabel_marketLabel”u003entttttttttSouth Floridattttttttu003c/divu003entttttttttttttttu003c/divu003enttttttu003c/divu003enttttttu003cdiv class=”BlogrollPost_title”u003eLittle Havana developer converting apartments to condos, launching salesu003c/divu003entttttu003c/divu003enttttu003c/articleu003entttu003c/au003enttttu003c/sectionu003enntt”,”noAds”:false,”alternativeHeadline”:{“subheadline”:”Developers are building the project amid a multifamily supply overhang in South Florida”,”__typename”:”AlternativeHeadline”},”updatedPost”:{“updated”:false,”date”:”2025-11-20T19:36:00+00:00″,”__typename”:”UpdatedPost”},”aiSummary”:{“summary”:”u003cpu003eu003c!– wp:list –u003eu003c/pu003ernu003cul class=”wp-block-list”u003eu003c!– wp:list-item –u003ernu003cliu003e13th Floor Investments and Key International secured a $79.2 million construction loan from CIBC Bank USA for Skye, a new 327-unit apartment complex at their Parks at Delray mixed-use project in Delray Beach.u003c/liu003ernu003c!– /wp:list-item –u003ernrnu003c!– wp:list-item –u003ernu003cliu003eThe project, which includes studios, one- to three-bedroom apartments and three-bedroom rental townhomes, is being built despite a multifamily supply overhang in South Florida. It is expected to be completed in 2027.u003c/liu003ernu003c!– /wp:list-item –u003ernrnu003c!– wp:list-item –u003ernu003cliu003eThis marks the second phase of the Parks at Delray, following the 420-unit Savio complex (which is leased up), and continues the frequent partnership between 13th Floor Investments (led by Arnaud Karsenti) and Key International (led by Inigo and Diego Ardid).u003c/liu003ernu003c!– /wp:list-item –u003eu003c/ulu003ernu003cpu003eu003c!– /wp:list –u003eu003c/pu003e”,”reviewed”:true,”disabled”:false,”autoGenerate”:false,”__typename”:”AISummary”},”audioArticleSettings”:{“audioUrl”:”https://eleven-public-cdn.elevenlabs.io/audio-native/a24c95b71e45d877e2798ceb32ef0ff8b1d79dced18bffc58f5b3a0c6e8468ac/ruOzYIshQvTP9O3UMOCd/ruOzYIshQvTP9O3UMOCd.mp3″,”__typename”:”AudioArticleSettings”},”mainArt”:{“mediaType”:”image”,”image”:{“node”:{“sourceUrl”:”/wp-content/uploads/2025/11/MIA_13th-Key-1400×933.jpg”,”srcSet”:”/wp-content/uploads/2025/11/MIA_13th-Key-1400×933.jpg 1400w, /wp-content/uploads/2025/11/MIA_13th-Key-300×200.jpg 300w, /wp-content/uploads/2025/11/MIA_13th-Key-700×467.jpg 700w, /wp-content/uploads/2025/11/MIA_13th-Key-200×133.jpg 200w, /wp-content/uploads/2025/11/MIA_13th-Key-768×512.jpg 768w, /wp-content/uploads/2025/11/MIA_13th-Key-1024×683.jpg 1024w, /wp-content/uploads/2025/11/MIA_13th-Key-50×33.jpg 50w, /wp-content/uploads/2025/11/MIA_13th-Key.jpg 1500w”,”sizes”:”(max-width: 1400px) 100vw, 1400px”,”caption”:”u003cpu003e13th Floor Investments’ Arnaud Karsenti and Key International’s Inigo and Diego Ardid with a renu0026#8230;u003c/pu003en”,”altText”:”13th Floor Investments’ Arnaud Karsenti and Key International’s Inigo and Diego Ardid with a rendering of the Skye apartment complex at the Parks at Delray mixed-use community in Delray Beach”,”__typename”:”MediaItem”},”__typename”:”AcfMediaItemConnectionEdge”},”video”:null,”caption”:”13th Floor Investments’ Arnaud Karsenti and Key International’s Inigo and Diego Ardid with a rendering of the Skye apartment complex at the Parks at Delray mixed-use community in Delray Beach (Getty, 13th Floor Investments, Key International)”,”__typename”:”MainArt”},”featuredImage”:{“node”:{“sourceUrl”:”https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_13th-Key-1400×933.jpg”,”srcSet”:”https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_13th-Key-1400×933.jpg 1400w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_13th-Key-300×200.jpg 300w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_13th-Key-700×467.jpg 700w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_13th-Key-200×133.jpg 200w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_13th-Key-768×512.jpg 768w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_13th-Key-1024×683.jpg 1024w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_13th-Key-50×33.jpg 50w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_13th-Key.jpg 1500w”,”sizes”:”(max-width: 1400px) 100vw, 1400px”,”caption”:”u003cpu003e13th Floor Investments’ Arnaud Karsenti and Key International’s Inigo and Diego Ardid with a renu0026#8230;u003c/pu003en”,”altText”:”13th Floor Investments’ Arnaud Karsenti and Key International’s Inigo and Diego Ardid with a rendering of the Skye apartment complex at the Parks at Delray mixed-use community in Delray Beach”,”mediaDetails”:{“sizes”:[{“width”:”1400″,”height”:”933″,”__typename”:”MediaSize”}],”__typename”:”MediaDetails”},”__typename”:”MediaItem”},”__typename”:”NodeWithFeaturedImageToMediaItemConnectionEdge”},”__typename”:”Post”,”template”:{“templateValue”:”right-rail”,”__typename”:”DefaultTemplate”},”seo”:{“title”:”13th Floor, Key International Nab Rentals Construction Loan”,”fullHead”:”u003c!– This site is optimized with the Yoast SEO Premium plugin v26.0 (Yoast SEO v26.1.1) – https://yoast.com/wordpress/plugins/seo/ –u003enu003cmeta name=”description” content=”13th Floor Investments and Key International scored a $79.2 million construction loan for a 327-unit Delray Beach apartment complex.” /u003enu003cmeta name=”robots” content=”index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1″ /u003enu003clink rel=”canonical” href=”https://therealdeal.com/miami/2025/11/20/13th-floor-key-international-nab-rentals-construction-loan/” /u003enu003cmeta property=”og:locale” content=”en_US” /u003enu003cmeta property=”og:type” content=”article” /u003enu003cmeta property=”og:title” content=”13th Floor, Key International score $79M construction loan for 327-unit Delray Beach apartment complex” /u003enu003cmeta property=”og:description” content=”13th Floor Investments and Key International scored a $79.2 million construction loan for a 327-unit Delray Beach apartment complex.” /u003enu003cmeta property=”og:url” content=”https://therealdeal.com/miami/2025/11/20/13th-floor-key-international-nab-rentals-construction-loan/” /u003enu003cmeta property=”og:site_name” content=”The Real Deal” /u003enu003cmeta property=”article:publisher” content=”https://www.facebook.com/therealdealmedia/” /u003enu003cmeta property=”article:published_time” content=”2025-11-20T19:33:29+00:00″ /u003enu003cmeta property=”article:modified_time” content=”2025-11-20T19:33:57+00:00″ /u003enu003cmeta property=”og:image” content=”https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_13th-Key.jpg” /u003entu003cmeta property=”og:image:width” content=”1500″ /u003entu003cmeta property=”og:image:height” content=”1000″ /u003entu003cmeta property=”og:image:type” content=”image/jpeg” /u003enu003cmeta name=”author” content=”Lidia Dinkova” /u003enu003cmeta name=”twitter:card” content=”summary_large_image” /u003enu003cmeta name=”twitter:description” content=”13th Floor Investments and Key International scored a $79.2 million construction loan for a 327-unit apartment complex in Delray Beach.u0026nbsp; The financing comes amid continued lending for new rental projects in South Florida, despite a multifamily supply overhang in the tri-county region.u0026nbsp; Coconut Grove-based 13th Floor and Brickell-based Key International started construction of the Skye complex at 2100 South Congress Avenue within their 50-acre Parks at Delray mixed-use project, according to the developers’ news release and a spokesperson. Boca Raton-based CDS International Holdings and Wexford Capital, with offices in West Palm Beach and Greenwich, Connecticut, are project partners.u0026nbsp; CIBC Bank [u0026hellip;]” /u003enu003cmeta name=”twitter:creator” content=”@trdny” /u003enu003cmeta name=”twitter:site” content=”@trdny” /u003enu003cmeta name=”twitter:label1″ content=”Written by” /u003entu003cmeta name=”twitter:data1″ content=”Steven Dilakian” /u003entu003cmeta name=”twitter:label2″ content=”Est. reading time” /u003entu003cmeta name=”twitter:data2″ content=”3 minutes” /u003enu003cscript type=”application/ld+json” class=”yoast-schema-graph”u003e{“@context”:”https://schema.org”,”@graph”:[{“@type”:”NewsArticle”,”@id”:”https://therealdeal.com/miami/2025/11/20/13th-floor-key-international-nab-rentals-construction-loan/#article”,”isPartOf”:{“@id”:”https://therealdeal.com/miami/2025/11/20/13th-floor-key-international-nab-rentals-construction-loan/”},”author”:[{“@type”:”Person”,”@id”:”https://therealdeal.com/#/schema/person/59ad643e34e525ba44cf385eb480dc46″,”name”:”Lidia Dinkova”,”image”:{“@type”:”ImageObject”,”url”:”https://secure.gravatar.com/avatar/8f50db554f29c280c6279bd8cbf09aa15dd40cda5b5963c6a80232b86912c185?s=96u0026#038;d=mmu0026#038;r=g”},”description”:”Lidia Dinkova covers South Florida real estate for The Real Deal. 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The financing comes as developers continue to navigate the South Florida market, with many citing concerns over a multifamily supply overhang in the tri-county region.

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