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.