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.
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.