$70M loan obtained for Boca residential complex

Miami /
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

arrow_forward_ios
Terranova founder Stephen Bittel and Cineworld CEO Mooky Greidinger with Shadowood Square (Getty, Google Maps, Terranova, iStock)
Terranova wins suit against Regal Cinemas over $807K in unpaid rent at Boca Raton shopping center
Terranova wins suit against Regal Cinemas over $807K in unpaid rent at Boca Raton shopping center
James and Marta Batmasian with former Boca Raton Mayor Susan Haynie (Investments Unlimited)
Ex-Boca mayor pleads guilty in public corruption case over financial ties to real estate tycoon
Ex-Boca mayor pleads guilty in public corruption case over financial ties to real estate tycoon
1871 Thatch Palm Drive in Boca Raton’s Royal Palm Yacht & Country Club. (Royal Palm Properties)
Homebuilder sells Boca Raton house for $6M
Homebuilder sells Boca Raton house for $6M
300 West Palmetto Park Road in Boca Raton with PGIM Real Estate executive Eric Adler, Harbor Group International CEO Jordan Slone and president T. Richard Litton Jr. (Google Maps)
Harbor Group International buys Boca Raton apartments for $81M
Harbor Group International buys Boca Raton apartments for $81M
Steven H. Rosen and 246 Princess Palm Road, Boca Raton (Royal Palm Yacht & Country Club)
Private equity head buys Boca Raton spec home for nearly $7M
Private equity head buys Boca Raton spec home for nearly $7M
(iStock)
South Florida by the numbers: Here comes the money
South Florida by the numbers: Here comes the money
Richard and Marie Wackenhut and 191 West Key Palm Road, Boca Raton (Google Maps, Nantucket Statue Fund, iStock)
Richard Wackenhut buys $13M Boca Raton mansion after selling Palm Beach estate
Richard Wackenhut buys $13M Boca Raton mansion after selling Palm Beach estate
Steven and Beth Millner with One Thousand Ocean (Patrick McMullan/Getty, Google Maps)
Private equity honcho pays $5M for Boca Raton condo
Private equity honcho pays $5M for Boca Raton condo
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...