$70M loan obtained for Boca residential complex

Fannie Mae provides permanent financing for Broadstone community

Oct.October 17, 2014 03:19 PM

The owner of luxury residential community Broadstone North Boca Village obtained $70 million in permanent financing through Fannie Mae’s Delegated Underwriting and Servicing (or DUS) program.

Craig Romer of Delray Beach-based Dockerty Romer & Co. arranged the loan for the 384-unit multi-family complex at 7801 North Federal Highway in Boca Raton, according to the firm’s written announcement released on Friday. Broadstone includes one, two and three-bedroom units within 19 three and five-story buildings. Amenities include an 11,000-square-foot clubhouse, a movie theater, resort-style pool and a fitness center.

PR III Broadstone North Boca owns the 17.4-acre property. State corporate records show the company is managed by Madison, N.J.-based PRISA III Investments, an open-end fund advised by Prudential Real Estate Investors, and a corporation that shares a Phoenix, Ariz. mailing address with Alliance Residential.

“The lender delivered a very flexible loan structure which will allow the borrower the ability to achieve their long-term investment goals for this quality asset,” Romer said. — Eric Kalis

Related Articles

Steven E. McCraney, President & CEO McCraney Property Company with the land

McCraney, partner pick up land in tight Boca Raton industrial market

5900 W. Glades Road and Simon Property Group CEO David Simon (Credit: Google Maps)

Simon Property sues Seritage over Boca Raton Sears

461 South Maya Palm Drive

Multifamily investor snags pad in Boca Raton for $6M

190 Northeast 5th Avenue (Credit: Wikipedia)

Thoroughbred stable owner buys Boca Raton home for $12M

Angelo Bianco and a rendering of Midtown Boca (Credit: Patrick McMullan | Getty Images)

Crocker Partners withdraws plans and two lawsuits tied to Midtown Boca

Bob Sheetz and 133 West Coconut Palm Road

Ah Sheetz! Founder of popular convenience store sells Boca Raton estate

The Meridian at Boca Raton at 21865 Ponderosa Drive, and Kenneth Assiran

Meridian Senior Living buys community near Boca Raton for $61M

Michael and Michelle Hagerty, and their home in Royal Palm Yacht & Country Club (Credit: Keeping the Promise, Realtor)

Vodka heir pays $6M straight up for Boca Raton estate