Trinsic scores $92M refi for Aura Boca apartment building

Trinsic Residential Group landed a $92 million refinancing for its Boca Raton multifamily project.

MetLife Investment Management provided the fixed rate loan for Aura Boca, an eight-story building with 322 units at 789 West Yamato Road, a press release states. Steven Kohn and Alex Hernandez with Cushman & Wakefield arranged the financing.

An affiliate of Dallas-based Trinsic paid $10.3 million for the 3.7-acre site in 2017, and then transferred ownership to another entity managed by the developer for $12.8 million two years later, records show. Trinsic completed the 507,000-square-foot Aura Boca last year.

The Metlife mortgage replaces a $56.5 million TD Bank loan that Trinsic received in 2019.

Aura Boca features one-, two- and three-bedroom apartments, the release states. Monthly rents range from $2,543 to $8,098, according to Apartments.com. Since opening, Aura Boca has experienced “exponential rent growth,” Hernandez said in a statement.

Led by CEO Brian Tusa, Trinsic is a multifamily development and investment firm that has built and purchased more than 20,000 units in Arizona, Colorado, North Carolina, South Carolina, Texas and south Florida, according to the company’s website.

Trinsic is on a building spree in the tri-county region. In August, the developer obtained a $99 million loan for the development of a nine-story apartment complex in North Miami Beach. Called Aura North Miami Beach, the project will have 373 units, an eight-story garage and 17,000 square feet of retail.

In Delray Beach, Trinsic is building another Aura branded multifamily project. The proposed 292-unit apartment complex will have several one-, two- and three-story buildings. The project’s anticipated completion date is the first quarter of next year, according to Trinsic’s website.

Trinsic recently finished Aura Seaside, which consists of two five-story buildings with 250 apartments in Lantana.