El-Ad closes $146M construction loan for luxury condo project in Boca

Sales launched in August with Douglas Elliman

Miami /
Jul.July 09, 2019 12:30 PM
Rendering of Alina Residences and Noam Ziv

Rendering of Alina Residences and Noam Ziv

El-Ad National Properties closed on a $146 million construction loan for the first phase of Alina Residences, a luxury condo development in Boca Raton.

Deutsche Bank and Bank Hapoalim are the lenders. The first phase of the project at 200 Southeast Mizner Boulevard, with 121 luxury condos, is set to be completed in the fourth quarter of 2020, according to a press release.

Boca-based El-Ad, part of the New York-based Elad Group, launched sales of Alina in August with Douglas Elliman. Units range from about $1 million to more than $6 million.

Garcia Stromberg/GS4 Studios designed the project, which will have one to four-bedroom units overlooking the golf course and city. Alina Residences will have nearly an acre of outdoor space with private cabanas, fire pits, a yoga area, outdoor kitchens, a dog park, fitness center and spa.

The city of Boca Raton approved plans in 2017 for what was then called Mizner 200 after El-Ad reduced the density and building height of the project.

Boca Raton has seen an uptick in new development recently, including Via Mizner, a mixed-use project that includes a 12-story Mandarin Oriental Boca Raton hotel and a 92-unit luxury tower.

The city recently approved the Related Group’s plans to build an apartment complex in the Park at Broken Sound in Boca.

Group P6 is also planning to build a luxury senior living facility at 22 Southeast Sixth Street in Boca. The 88-unit, 10-story building with a mix of assisted and independent living residences as well as memory care beds, will be built on the site of a medical office building.


Related Articles

arrow_forward_ios
Waterfront Boca Raton property (NE 32nd Street LLC, Getty)
Developer asks $43M for waterfront Boca home sites
Developer asks $43M for waterfront Boca home sites
From left: Vladislav “Bobby” Yampolsky and Robert P. Kelly along with an aerial view of 419 East Coconut Palm Road (Getty Images, Google Maps)
Luxury retailer buys waterfront Boca Raton home for $9M
Luxury retailer buys waterfront Boca Raton home for $9M
Matthew Baron and Alirio Torrealba
MG Developer, partner score $148M loan for Hialeah apartments
MG Developer, partner score $148M loan for Hialeah apartments
From left: Belong co-founders Tyler Infelise, Ale Resnik, and Owen Savir (Belong, Getty Images, Google Maps)
Lease roundup: Rentals manager Belong moves HQ to Brickell
Lease roundup: Rentals manager Belong moves HQ to Brickell
Manor Broken Sound at 5400 Broken Sound Boulevard in Boca Raton, with Rockpoint’s Bill Walton, Related Group's Jon Paul Pérez and Jorge Pérez and Lincoln Property Company CEO Tim Byrne (Cushman & Wakefield, Rockpoint, Related Group, Wikipedia, Lincoln Property Group)
Lincoln Property pays $194M for newly built Boca apartments
Lincoln Property pays $194M for newly built Boca apartments
El-Ad National Properties Noam Ziv with Alina condominium
El-Ad nabs $100M construction loan for Alina condos in Boca
El-Ad nabs $100M construction loan for Alina condos in Boca
Lissette Calderon with rendering of Fourteen Residences Allapattah (LinkedIn, Neology Development Group)
Lissette Calderon’s third Allapattah project scores $58M loan
Lissette Calderon’s third Allapattah project scores $58M loan
David Schwartz and Martin Nussbaum with rendering of Namdar Towers (Slate Property Group)
Namdar nabs $195M loan for downtown Miami apartment towers
Namdar nabs $195M loan for downtown Miami apartment towers
arrow_forward_ios

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

Loading...