Richman Group Secures $62M in Financing for Lake Worth Beach Workforce Housing Project

Greenwich, Connecticut-based developer Richman Group, led by Chairman Richard Paul Richman, has secured $62.3 million in financing to begin construction of a new workforce housing project in Lake Worth Beach. The bulk of the funds, $47 million, were provided by Merchants Bank of Indiana, while an additional $13 million was obtained through Palm Beach County's low-interest workforce housing bond program. Merchants Capital Corp also provided a $2.35 million tax-exempt mortgage.

The project, known as Residents at Lake Worth, will be a five-story development with 195 workforce housing apartments and 279 parking spaces. This comes as welcome news for the city, which has been struggling with a lack of affordable housing options for its workforce. The project is expected to be completed in 2021.

"We are thrilled to secure the financing needed to move forward with this important project for the Lake Worth Beach community," said Richman Group Chairman Richard Paul Richman. "We are committed to providing quality, affordable housing options for the workforce in this area."

The financing deal has raised eyebrows, as some have questioned the use of tax-exempt bonds for a project that is being developed by a for-profit company. However, Richman Group has stated that the project will comply with all regulations and requirements for low-income housing tax credits.

Originally reported by The Real Deal.

https://therealdeal.com/miami/2025/09/03/richman-group-obtains-loans-for-lake-worth-beach-project/