The funding was provided through BankAtlantic, based in Fort Lauderdale, FL. Susan Imbrigiotta of BankAtlantic's Commercial Lending Division in that city, handled the loan. The interest rate is a floating rate over prime.
The financing was provided for the purchase of about three acres of land in the northeast part of the city, a transaction that has just been completed. The townhouse project will cover two continuous land parcels located at Bailey Street and Federal Highway. OLA Realty officials have not yet determined the size and scope of the project, and therefore its cost or time line, according to Imbrigiotta.
OLA Realty LLC is the same developer as the developer of Tuscany Village of Boca Raton, another townhouse project nearby in Boca Raton.
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