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El-Ad scores $53M construction loan for Alina Residences in Boca Raton
First 121 units are over 75% sold
The developer of Alina Residences condominium in Boca Raton scored a $52.8 million loan for the construction of two towers.
El-Ad National Properties plans to start the second phase of the high-end condo project later this year, according to a news release. Deutsche Bank’s New York branch is the lender.
Boca Raton-based El-Ad, the residential arm of New York-based Elad Group, finished the first phase of Alina in June, after scoring a $146 million construction loan in 2019. Deutsche Bank and Bank Hapoalim were the lenders.
The project at 300 Southeast Mizner Boulevard spans 9 acres, just west of the Boca Raton Golf Club.
Records show El-Ad, through an affiliate, bought at least part of the development site for $101 million in 2006.
The first phase of 121 units is more than 75 percent sold, with prices ranging from more than $1 million to over $6 million, according to the release. The units break down to 102 fully finished units, 12 penthouses and seven villas.
The unit count for the second phase was not provided.
Alina has a modern design, marking a step away from the traditional Spanish-Mediterranean architecture common for Boca Raton.
The condominium’s amenities focus on health and wellness, including a gym with floor-to-ceiling windows, yoga room, next-door meditation room, spa rooms, steam room, sauna, private treatment rooms, and indoor and outdoor relaxation rooms, according to the release.
Other amenities include a clubroom with a catering kitchen and private dining both indoors and outdoors, and an on-site concierge.
GarciaStromberg/GS4 Studios, a West Palm Beach-based architecture and interior design firm, designed Alina.
El-Ad, as part of a joint venture with Yellowstone Portfolio Trust, in March sold a portfolio of 48 apartment complexes across 11 states to Morgan Properties, which purchased the real estate along with Olayan America, for $1.8 billion. This included four multifamily properties in and near Boca Raton that sold for $126 million.