Boca First Cuts Deal With California's Capitol Communities

The value of the deal wasn't disclosed. But terms of the transaction call for the California companies to transfer their holdings to Boca First.

In return, Boca First will give the two firms an undisclosed conditional line of credit to fund operating costs of the company and new acquisitions Boca First may bring to Capitol Communities.

The deal is expected to close by June 15 if all conditions of the contract are met, Capitol Communities' president/CEO Michael G. Todd says in a prepared statement.

"This transaction is consistent with our plans to move Capitol Communities in a new direction," Todd says.

Capitol, through its subsidiary, owns 700 acres in the master-planned community of 12,000 residents in Maumelle, AR, across the Arkansas River from Little Rock, AR.

Bloom and Richardson have completed several developments in South Florida in the past 10 years. Among the projects are a $24 million, 10-story oceanfront resort/spa in Pompano Beach; a $10 million acquisitions and renovation development to a resort/marina in Naples; an $11 million acquisition/renovation of a hotel/spa in Boca Raton; and a $10 million acquisition/renovation of a condominium community in Marco Island.

Richardson is based in Fort Lauderdale; Bloom in Boca Raton. Richardson is also an owner of Hostmark Hospitality Group, one of the largest managers of independently owned hotel properties.