Time Equities Pairs $160M Loan, $95.3M TIC Raise in Boynton Beach

Time Equities is funding the first phase of its Town Square apartment project in Boynton Beach with a $160 million construction loan from M&T Bank stacked on top of a $95.3 million tenant-in-common offering sold through its own broker-dealer, according to Commercial Observer, Connect CRE and AltsWire. The mix puts a conventional bank loan and a securities raise behind the same eight-story, 465-unit building at 120 SE 1st Avenue.

Why it matters

Multifamily construction lending has stayed tight through this rate cycle, and Time Equities’ structure shows one way a well-capitalized sponsor is closing the gap without giving up equity to a joint-venture partner. Instead, it raised part of the capital stack by selling fractional tenant-in-common interests directly to accredited investors through Time Equities Securities LLC, its own FINRA-registered broker-dealer, under Rule 506(c) of Regulation D. The offering is structured to qualify as replacement property for investors completing Section 1031 and Section 1033 exchanges, a niche but recurring pool of capital that developers in South Florida can tap when banks alone will not carry a full construction budget.

The numbers

M&T Bank is the sole lender on the $160 million construction loan, which follows $35 million in tax increment financing the Boynton Beach Community Redevelopment Agency approved for the site. The $95.3 million tenant-in-common raise is layered on top through Time Equities Securities LLC. Phase one totals 465 apartments across eight stories, with a 1,055-space parking garage and 6,300 square feet of ground-floor retail. KAST Construction is the general contractor. The full build, across both phases, is planned at 898 units, with a second 433-unit phase not expected to start until 2031.

What’s next

Construction on phase one started in April 2026, on a city-owned parcel Time Equities holds under a long-term land lease. Whether the tenant-in-common raise fully covers the equity gap beside the M&T loan has not been disclosed, and phase two’s own financing has not been announced. For sponsors elsewhere in the region watching bank appetite for ground-up multifamily, the split stack here, agency-adjacent debt plus a self-underwritten securities offering, is a structure worth tracking as more construction loans come up for pricing this cycle.