Hyperion Group has secured a $108 million construction loan and formed an equity partnership with Silverstein Properties to move forward with its delayed Boynton Beach apartment project. The development, known as Ocean One, will be an eight-story building with 371 luxury units located at 114-222 North Federal Highway. Winter Properties, based in New York, is also involved in the project alongside Miami-based Hyperion.
Madison Realty Capital provided the construction loan for the project. Adam Doneger of Newmark represented Hyperion and Winter in the equity transaction, while Jordan Roeschlaub of Newmark represented the borrowers during financing negotiations.
Silverstein Properties is led by Larry and Lisa Silverstein. In addition to securing financing and an equity partner, Hyperion and Winter recently received increased support from local government. In January, the Boynton Beach Community Redevelopment Agency raised its tax increment financing (TIF) allocation for Ocean One to $11.5 million, up from $9 million previously awarded. According to reports, this represents the agency’s largest TIF allocation to date. However, Hyperion had initially requested a $16 million subsidy due to rising construction costs, higher insurance premiums, ongoing inflation, elevated interest rates, and uncertainty related to tariffs.
Rob Vecsler leads Hyperion Group while David Winter heads Winter Properties. The two firms have been planning Ocean One since at least 2023; they purchased the 3.7-acre site for $12 million in 2021 and obtained approval for development in 2023.
The new deal comes amid broader challenges in South Florida’s multifamily market caused by an oversupply of new apartments after a period of rapid completion during the pandemic era. Developers finished a record 18,600 units across Miami-Dade, Broward, and Palm Beach counties in 2024 according to CoStar data; another 12,718 units were completed last year despite slowing demand and falling rents.
Despite many buildings offering one-to-two months of free rent and other incentives to attract tenants as lease-ups slow down regionwide, developers remain optimistic that demand will rebound by the time their projects are completed. Some are also anticipating renewed migration into South Florida due to changing political dynamics elsewhere.
Higher interest rates have not stopped construction financing from flowing into new projects throughout South Florida. For example, Clara Homes recently secured $80 million for its third luxury apartment building in Bay Harbor Islands featuring 77 units; Development Alliance received a $43.3 million loan for Nexus Leah—a planned eight-story building with 189 units in Hialeah; Ascentris and Zom Living are redeveloping a Doral office property into a 380-unit residential complex using a $92.3 million loan.
