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

Sales launched in August with Douglas Elliman

TRD 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
Steven E. McCraney, President & CEO McCraney Property Company with the land

McCraney, partner pick up land in tight Boca Raton industrial market

5900 W. Glades Road and Simon Property Group CEO David Simon (Credit: Google Maps)

Simon Property sues Seritage over Boca Raton Sears

Rendering of Sailboat Bend II

Affordable housing project in downtown Fort Lauderdale lands $27M loan

461 South Maya Palm Drive

Multifamily investor snags pad in Boca Raton for $6M

190 Northeast 5th Avenue (Credit: Wikipedia)

Thoroughbred stable owner buys Boca Raton home for $12M

Rendering of the Edgewater Holiday Inn pool

Bank OZK lends $28M for Holiday Inn project in Edgewater

Angelo Bianco and a rendering of Midtown Boca (Credit: Patrick McMullan | Getty Images)

Crocker Partners withdraws plans and two lawsuits tied to Midtown Boca

Bob Sheetz and 133 West Coconut Palm Road

Ah Sheetz! Founder of popular convenience store sells Boca Raton estate

arrow_forward_ios