(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)

PALM BEACH, FL—Royal Palm Place and Plaza has secured a $58 million loan. A mixed-use development, Royal Palm includes 187 luxury multifamily units and 206,765 square feet of retail and office space in Boca Raton.

The $58 million financing was arranged through a life company relationship for Investments Limited, the owner of Royal Palm Place. The interest-only loan spans seven years at a “competitive” fixed interest rate. Specifical terms of the deal were not disclosed. The loan replaced a maturing facility on the mixed-use asset.

“It was a competitive life company landscape,” Chris Cavegila, principal at HC Real Estate Capital who arranged the financing, tells GlobeSt.com. “The lender was able to provide the most competitive terms that the borrower was looking for.”

Royal Palm sits on about 14 acres of land approximately one half mile from the ocean. The outdoor shopping mall portion of the property is a historic destination, originally built in the 1960s. It was one of the first malls in the area. The new section of the plaza, Plaza Real South, was built in 2005,on the site of the old Antique Mall. A roster of prominent national and local tenants.

“The 98.5% occupied Royal Palm Place & Plaza is the crown jewel in the borrower’s portfolio,” Cavegila says. “The borrower is taking advantage of the low interest rate environment we are currently in. Life insurance companies continue to look for high quality assets in major metropolitan area.”