Alina Luxury Condos Score Loan for First Phase in Boca Raton
The $146 million loan will help pay for construction of a nine-story building, the first of three planned condo towers backing up to the Boca Raton Golf Club.
Alina Residences, a luxury condominium and villa project under construction next to the Boca Raton Golf Club, received a $146 million boost.
The loan will help pay for construction of the first phase comprising a nine-story, 121-unit building and some of the villas southeast of Palmetto Park Road and U.S. 1 for opening set in the fourth quarter 2020.
The $500 million community at 200 SE Mizner Blvd. will have two more nine-story condos plus villas for a total of 384 homes.
The lenders are Deutsche Bank, based in Frankfurt, Germany, and Bank Hapoalim, based in Tel Aviv, Israel.
Boca Raton-based developer El-Ad National Properties LLC is a subsidiary of New York-based Elad Group Ltd., which focuses on redeveloping iconic U.S. properties and building new residential projects.
Elad Group is part of Tel Aviv, Israel-based Tshuva Group of Cos., which has ventures in real estate, energy, construction, property rentals and tourism.
The Alina condo towers will have one- to four-bedroom units, some with dens, measuring 1,402 to 4,829 square feet, according to the project’s website. The two- and three-bedroom villas, some with dens, will be 1,974 to 3,443 square feet.
Prices range from just under $1 million to more than $6 million.
Amenities include a dog park, spas, gym, outdoor yoga space, outdoor kitchens, private cabanas, fire pits and 9 acres of open space with a promenade leading to nearby downtown shops, restaurants and galleries.
Architectural firm Garcia Stromberg GS4 Studios designed Alina, which will replace the Mizner on the Green townhouse rentals. Some of the existing homes have been demolished in preparation for the first phase, and the remainder will be torn down as well.
Mizner rents ranged from $1,625 for a one-bedroom unit to $2,685 for two bedrooms.