An affiliate of Penn Florida has scored a $17.5 million loan for a mixed-use development in Boca Raton.
New York-based Paradigm Credit and Las Vegas-based Sedona Capital teamed to issue the mortgage to Spanish River Development Partners, according to the South Florida Business Journal.
Spanish River paid $15 million in 2013 for the 78.6-ace site, located north of Spanish River Boulevard and south of Yamato Road just east of Interstate 95.
The project is being called University Village and will include 420 homes, 252,000 square feet of retail, 126,000 square feet of office space and 42,000 square feet of space for civic uses. [SFBJ] – Christopher Cameron