Partnership closes $125M construction loan for Uptown Boca

38-acre project calls for 172K sf of retail, 456 luxury apartments

TRD MIAMI /
Mar.March 07, 2019 03:30 PM

Renderings of Uptown Boca and Alex Rosemurgy

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.


Related Articles

arrow_forward_ios
Matt Rieger and a rendering of Paradise Lake Apartments

Developer scores financing for West Kendall affordable housing project

Wynwood 25 and Wynwood Annex with Jon Paul Perez and Jonathon Yormak (Credit: East End Capital/Related Group)

Related, East End score $136M refi of Wynwood projects

Arnaud Karsenti, Michael Adler and the Link at Douglas

Douglas Station project scores $99M loan for second tower

These real estate power players are involved in 2019’s juiciest lawsuits (Credit: Getty Images)

Here are South Florida’s juiciest lawsuits of 2019

Best of TRD 2019 promo

Coming soon: The Real Deal’s Best of 2019

Brickell Flatiron and Ugo Colombo

Ugo Colombo pays off $236M construction loan for Brickell Flatiron

2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

Madison Realty Capital'a Josh Zegen and Fort Partners' Nadim Ashi  

Four Seasons in Fort Lauderdale scores $210M loan

arrow_forward_ios
Loading...