Hyperion Group Lands $108 Million Financing and Strategic Partner for Boynton Beach Luxury Site

Hyperion Group and Winter Properties land a $108 million construction loan from Madison Realty Capital for the 371 unit Ocean One luxury apartments in Florida.

By: AXL Media

Published: Mar 10, 2026, 8:13 AM EDT

Source: The Real Deal

The Financial Structure and New York Partnerships

The financing deal was facilitated by a Newmark team including Adam Doneger and Jordan Roeschlaub, who bridged the gap between the Florida developers and New York capital. Silverstein Properties, led by Larry and Lisa Silverstein, enters the project as an equity partner at a critical juncture. The $108 million debt from Madison Realty Capital provides the necessary liquidity to break ground on the 3.7-acre site at 114-222 North Federal Highway. Hyperion and Winter Properties originally acquired the land in 2021 for $12 million, but the project stalled as the developers navigated a shifting economic landscape.

Government Incentives and Economic Headwinds

To offset rising construction costs and high interest rates, the developers successfully negotiated increased public subsidies. In January, the Boynton Beach Community Redevelopment Agency (CRA) increased its tax increment financing (TIF) allocation to $11.5 million, up from an initial $9 million. While this represents the largest TIF ever granted by the agency, it fell short of the $16 million requested by Hyperion. Rob Vecsler, leader of Hyperion Group, cited stubborn inflation, increased insurance premiums, and the uncertainty of international tariffs as primary drivers for the higher subsidy request.

Navigating the South Florida Multifamily Overhang

The Ocean One project enters a market currently grappling with a significant supply surplus. After a pandemic era building boom, South Florida saw a record 18,600 units completed in 2024, followed by another 12,718 units last year. This influx has led to a cooling of the rental market, with many luxury buildings now offering one to two months of free rent to attract tenants. Despite these concessions and a slowdown in regional in-migration, the Hyperion-Silverstein partnership is betting that the current supply will be absorbed by the time Ocean One is delivered, banking on a projected new wave of residents fleeing high-tax northern states.