Compson to break ground on luxe Boca high-rise after securing $49M loan

Miami /
Nov.November 03, 2016 02:25 PM

With a $48.67 million loan from Arkansas’ Bank of the Ozarks now in the bag, Compson Associates is ready to break ground on its Tower 155 luxury high-rise in Boca Raton.

County records show Compson took out the loan against its properties at 199, 165, 155 and 133 East Boca Raton Road in the city’s downtown area.

The developer originally planned to build a 12-story condo complex on the site with 170 units, priced between $400,000 and $2 million. Compson President James Comparato told The Real Deal that a swath of buyers have requested to combine units, paring down the building’s total to 129 condos. Construction is expected to begin within the next 10 days, with an opening date slated for November or December 2018.

This is the first piece of financing Compson has taken out for the land, besides assuming a mortgage from the previous owners, according to county records.

Bank of the Ozarks has taken a leading role for financing condo projects in South Florida and New York this cycle, even as other traditional lenders shy away from the market. Just in September, the Arkansas-based bank gave Fortune International Group and Château Group a $163 million loan for their Ritz-Carlton Residences development in Sunny Isles Beach.

Back in Boca Raton, floor plans for Tower 155 range from one-bedroom units with 747 square feet to three-bedroom penthouses with just under 3,000 square feet. Each unit will feature 10-feet ceilings, porcelain floors and walk-in closets. Comparato told TRD that 70 percent of the units have sold so far entirely to domestic buyers, with the remainder starting at $700,000 and 1,100 square feet.

The project will be built in three tiers ranging from 12 to 8 stories, with the smallest portion featuring a rooftop lounge boasting its own Jacuzzi and fitness club overlooking Mizner Park. Its other amenities include and a two-story lobby with interiors designed by Steven G.

Compson, also based in Boca Raton, assembled the land for a combined $6.5 million in 2014. The developer received city approvals for a height increase in September.


Related Articles

arrow_forward_ios
From left: Buyers Neil Merin, Dung Lam and Jordan Paul along with 1001 Yamato Road (top) and 999 Yamato Road (bottom) (NAI/Merin Hunter Codman, Moris Moreno)
Yamato Office Center in Boca Raton trades for $46M
Yamato Office Center in Boca Raton trades for $46M
Pebb Enterprises' Ian Weiner (right) and Banyan Development's  Jason Sher with Research Park at Florida Atlantic University (Pebb, Avison Young, LinkedIn, iStock)
Pebb, Banyan pay $37.5M for Research Park at FAU in Boca Raton
Pebb, Banyan pay $37.5M for Research Park at FAU in Boca Raton
Real Estate Investment Services’ Kyle Matthews with  201 East Las Olas Boulevard (Real Estate Investment Services, Loopnet)
Lease roundup: Matthews Real Estate opens first Florida office in Fort Lauderdale
Lease roundup: Matthews Real Estate opens first Florida office in Fort Lauderdale
2950 Northwest Fifth Avenue in Boca Raton (BanyanPlace.org)
Montreal investor pays $20.5M for Palm Beach County assisted living facilities
Montreal investor pays $20.5M for Palm Beach County assisted living facilities
Butters Group's Malcolm Butters with 1751 North Military Trail (Floridatrend, Butters Group, iStock)
Butters and Konsker propose $75M Boca Raton office project
Butters and Konsker propose $75M Boca Raton office project
(L-R) Vanderbilt Office Properties CEO Casey Wold, Site Centers President and CEO David Lukes, and Macquarie Group Managing Director and CEO Shemara Wikramanayake with 1800 North Military Trail  and 5050 Town Center Circle in Boca Raton (Google Maps, Site Centers, Vanderbilt OP, Macquarie Group)
Boca Center’s offices, retail, restaurants trade for $261.5M
Boca Center’s offices, retail, restaurants trade for $261.5M
Alina Residences at 200 Southeast Mizner Boulevard in Boca Raton (Alina Residences, iStock)
Ex-owner of Festival Flea Market pays $6M for Boca Raton condo
Ex-owner of Festival Flea Market pays $6M for Boca Raton condo
Transportation titan buys Boca Raton home for $7M
Transportation titan buys Boca Raton home for $7M
Transportation titan buys Boca Raton home for $7M
arrow_forward_ios

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

Loading...