The Real Deal Miami

$70M loan obtained for Boca residential complex

Fannie Mae provides permanent financing for Broadstone community
Broadstone North Boca Village

Broadstone North Boca Village

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