Developers Jimmy Tate and Sergio Rok closed on a $50 million mortgage for the Boca Raton development site of a luxury apartment project.
Records show TR Danburg Boca Holdings LLC, took out the loan for the land in the Park at Broken Sound, the former Arvida Park of Commerce. Ocean Bank is the lender. There, Tate and Rok broke ground on a 282-unit rental project about three weeks ago, Tate told The Real Deal. The five residential buildings will range from four to seven stories tall and the project will include a single-story clubhouse and eventually a small retail component.
The 14.1-acre property is located on Congress Avenue and Clint Moore Road, and is part of the 700-acre commercial park. Last year, the industrial park was renamed the Park at Broken Sound as developers prepared to build residential units and retail stores. New development will leave intact the park’s 29 acres of lakes and waterways and 28 acres of green spaces.
TR Danburg bought the land last week for an undisclosed amount from its partner, 6600 Congress Ltd., which is managed by James A. Danburg. Tate told TRD Danburg is an equity partner in the project. The project is on a 16-month construction schedule and will begin leasing in about a year.
Ocean Bank’s Ralph Gonzalez-Jacobo, executive vice president, and Senior Vice President Eddie Diaz negotiated the loan on the bank’s behalf, according to a press release. The financing represents about 70 percent of the estimated total cost of $71.5 million, or about $177,000 per unit. The apartments are expected to generate gross rental revenues of $7.4 million and $504,000 in other income, according to Ocean Bank.
Tate and Rok are also part of a group of developers behind the Bahia Mar hotel and marina project. There, Rahn Bahia Mar LLC plan to build two 39-story condo buildings, which would be the tallest buildings on Fort Lauderdale Beach. The LLC owns the lease on that waterfront property.