BOCA RATON, FL-An affiliate of the New York City-based Blackstone Group has closed a $137-million construction loan for One Thousand Ocean, a 52-unit condominium development adjacent to the Beach Club at the Boca Raton Resort & Club. Miami-based Akerman Senterfitt negotiated the loan, which was made by a syndicate led by Wells Fargo.
Anthony Casareale, who led the Akerman team in the transaction, tells GlobeSt.com that the loan will pay for the entire construction of the project. Some site work has been done of the project, which is expected to be completed spring 2009.
Prices for the units range from $2.75 million to more than $15 million. Architects on the project are Coral Gables-based RTKL Associates and locally based Garcia Brenner & Stromberg Architects. Of the 52 units, 24 have been sold, Casareale says. "The significant level of presales helped in obtaining the loan," he says.
Closing the loan posed a challenge due to the project's location on the Atlantic Ocean at the end of the Boca Beach Club inlet. Lenders required information that is not typically needed for a construction loans, such as the location of utilities and parking at the site. "Addressing the need to keep the billion-dollar Boca Resort & Beach Club ownership and financing separate from the ownership and financing of One Thousand Ocean Condominiums, required some creative solutions," Casareale says.
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