Ron Muzii, a director in Chicago-based Cohen Financial's local office and a member of the Boca Bridge LLC partnership, arranged the financing through Chevy Chase, MD-based Capital Source. Terms of the fully amortized, non-recourse loan include an 82% loan-to-value ratio and pricing based on the one-month Libor. Beyond that, Muzii tells GlobeSt.com, "we are under a confidentiality agreement…not to disclose any terms of the loan."
The buyer, he says, "is exploring three options: conversion to a residential condominium, condo-hotel or boutique hotel." The property was completed in 1976 as an independent hotel. Danmar acquired it in 1990 and took it under a Radisson franchise two years later.
It is located on Boca Lake and the Intracoastal Waterway adjacent to Boca Raton Resort & Club. All of the rooms include large furnished balconies with water views. The property also includes Watercolors, an open-air restaurant, lounge and pool bar, and Carmen's, another upscale restaurant, located on the top floor overlooking the ocean.
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