MIAMI—What’s happening in Hillsboro Beach, FL? Commercial real estate financing. The Enclave at Hillsboro, Hillsboro Mile Estate lots, along with the Fountains East Retail Center land parcel in Palm Beach County, have secured a $36.5 million loan.
Aztec Group, a real estate investment and merchant banking firm, arranged the financing. Aztec senior managing director Howard Taft and director Charles Penan led the charge.
“This was a very challenging and highly-structured transaction, where we carefully arranged terms that fit our client’s needs,” says Taft. “Both our client and the lender were looking to form a mutually beneficial, long-term relationship with this deal.”
BridgeInvest, a Miami-based commercial real estate bridge lender, funded the loan. Aztec closed within 30 days. Terms of the loan facility include an 18-month term and fixed interest rate. The proceeds of the loan were used to satisfy three separate lenders and allow the owner the time to sell or develop each land parcel.
“Securing a land loan of this size is particularly challenging in today’s market,” says Penan. “However, the prime locations of each parcel and ability to build several unique projects as of right enticed the lender to make this loan.”
The portfolio of waterfront and retail land, sitting on prime locations and offering ocean frontage, is controlled by a long established local investor. The loan terms secured are backed by these land parcels:
Located at 1174-1185 Hillsboro Mile in Hillsboro Beach, Enclave at Hillsboro spans 11.3 acres including 600 feet of direct Atlantic Ocean frontage and 600 feet of direct Intracoastal frontage. The property is zoned for multifamily use, allowing for the development of up to 16 units per acre for a total of 168 residential units, or 12 ultra-luxury, single-family Oceanfront and Intracoastal homes.
Also located along Hillsboro Beach, Hillsboro Mile Estate Lots at 1103, 1105 and 1107 Hillsboro Mile offers three residential home lots totaling 340 feet of Atlantic Ocean and Intracoastal frontage. In Palm Beach County, the Fountains East property, located on the northeast corner of Boynton Beach Boulevard and Jog Road, encompasses 16 acres of land with a county-approved site plan in place to build a retail shopping center in the 160,000-square-foot range.