Rendering of Ocean Delray

National Realty Investment Advisors and U.S. Construction closed on a $73 million loan from CIM Group for a luxury condo development in Delray Beach.

Ocean Delray, at 1901 South Ocean Boulevard, will be the first new development on the city’s oceanfront in over 30 years. Cushman & Wakefield arranged the construction financing, according to a release. It’s being built on the former site of the Wright by the Sea hotel, which was demolished.

The three-story, 19-unit project is selling units priced between $5 million and $10 million. IMI Worldwide Properties is handling sales and marketing for the project, which is 40 percent sold, according to the release. Units will range from 3,373 square feet to more than 4,400 square feet.

The development, to be built on a 1.8-acre property, will feature over 200 feet of ocean frontage, a pool and cabanas. Randall Stofft is the architect. It will also have a Peloton exercise room.

The Delray Beach City Commission granted final site-plan approval for Ocean Delray in March.

New Jersey-based NRIA acquired the Wright by the Sea Hotel in 2018 for $25 million.