Richman nabs $62M in financing for Lake Worth Beach workforce housing project

Richman Group nabbed $62.3 million in financing to begin construction of a Lake Worth Beach workforce housing project. Merchants Bank of Indiana provided the bulk of the construction funds with a $47 million loan, records show. Greenwich, Connecticut-based Richman Group, led by Chairman Richard Paul Richman, also obtained a $13 million loan via Palm Beach County’s low-interest workforce housing bond program, as well as a $2.35 million tax-exempt mortgage from Merchants Capital Corp. The financing is for Residents at Lake Worth, a planned five-story development with 195 workforce housing apartments and 279 parking spaces. In 2021, Richman paid $5 million […]This article originally appeared on The Real Deal. Click here to read the full story.