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

Lender has played a big role in financing South Florida condo projects in recent years

Nov.November 03, 2016 02:25 PM
Renderings of Tower 155

Renderings of Tower 155

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.

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