Gables Residential scored $85 million in refinancing for its Gables Town Colony apartment complex in Boca Raton.
A company tied to Atlanta-based Gables Residential secured the loan for the 172-unit apartment complex at 6079 Town Colony Drive from New York Life Insurance Company, records show.
The property was purchased for $1.82 million in 1984. The apartments were built in 1985, records show. They total 137,645 square feet and sit on 9.5 acres.
The units range from studios to two-bedrooms, with monthly rents between $1,375 and $2,220, according to Zillow. The apartments are next to Town Center at Boca Raton.
Gables Residential is led by Sue Ansel. In 2018, the company completed Gables Columbus Center at 60 Minorca Avenue in downtown Coral Gables.
Downtown Boca Raton seeing an uptick in new development. Nearby, Penn-Florida Companies is building The Residences at Mandarin Oriental, a 12-story, 92-unit luxury condo development. The project is part of Via Mizner, a 2-million-square-foot mixed-use project in the center of Boca Raton.