The developers building Uptown Boca, a 38-acre mixed-use retail and residential project, closed on a $125 million construction loan.
Giles Capital Group, Rosemurgy Properties and Schmier Property Group and their partner Wheelock Street Capital secured the financing from Jutland Finance Inc., a subsidiary of British Columbia Investment Management Corporation.
Elliott Throne and Steven Klein of HFF arranged the loan, according to a release.
The west Boca Raton development will have roughly 172,000 square feet of retail space and 456 luxury apartments. Tenants who have signed onto the project include Lucky’s Market, Silverspot Cinema, Chick-fil-A, Bolay and BurgerFi. The retail is expected to open by the end of this year and the apartments in early 2020.
The multifamily component will have units ranging from one to four bedrooms, a 24-hour fitness and business center, gaming and theater room, pool, ride sharing lounge, an outdoor summer kitchen, a residents lounge, dog park and more.
Alex Rosemurgy, CEO of Rosemurgy Properties, said it was “very easy” to find financing. “The debt markets were very strong, especially for a project like this,” he added.
The developers paid $38 million for the property, agricultural land on the southwest corner of Glades Road and 95th Avenue South, in June. The project broke ground three months ago.