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The construction loan was originated by Madison Realty Capital of New York City and will be utilized to complete The Residences at Mandarin Oriental, Boca Raton, the third and final tower of Via Mizner, a 2-million-square-foot urban resort.
EverWest sought out a project of the right size, submarket and value profile, and found that in Olympic Block, a mixed-use asset that allows value add and the ability to capitalize on double-digit rent growth.
The former Total Shooting Sports facility, a 94,218-square-foot indoor gun range and retail store, was purchased by an omni-channel retailer, Weby Corp, which specializes in omni-channel and e-commerce.
CIM co-developed The Independent with Aspen Heights and the two firms recently completed construction on the 58-story 363-unit condominium tower measuring 685 feet, the tallest in Austin.