The Torah Academy in Boca Raton picked up a 17,000-square-foot building that formerly housed the Montessori school for $1.5 million, more than $100,000 less than its appraised value, GlobeSt.com reported. The building sits on 2.5 acres of land at 3881 NW Third Avenue, a stone’s throw from the school’s existing campus on Spanish River Boulevard.
Lender Zions First National Bank, which foreclosed on the building in 2010 when Montessori defaulted, was the seller. Funding for Torah Academy’s purchase came from the Legacy Bank of Florida. The sale price included existing educational equipment, including furniture and computers.
“Funding for non-profit schools is available, but not easily obtained,” said Daniel Kaskel, a partner at law firm Sachs Sax Caplan that represented Torah Academy in the deal. “In our case, Torah Academy has a supporter with a significant banking relationship with a local, community bank and opened the doors. This particular property, selling at less than 40 percent of the last sale price, was a good investment for the lender, Legacy Bank of Florida.” [GlobeSt]