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BOCA RATON, FL-Ceebraid-Signal Corp. has obtained $49 million in financing for Bacara, the former St. James Club 224-unit residential rental complex at 3201 Clint Moore Road. Ceebraid now plans to construct 28 townhouses on the property, according to Ronald Levine, managing director in the headquarters office of New York City-based Meridian Capital Group LLC.

Levine arranged the two-year, non-recourse loan. He declines to disclose the rate or identity of the lender, but tells GlobeSt.com, “it’s a refinancing, or re-capitalization and construction loan.

The West Palm Beach-based developer paid just under $35 million for the 19-acre, 15-building, gated complex in July 2004 and began converting the units to for-sale condos. “More than 80% of the existing condo units have been sold,” Levine says. Calls to Ceebraid-Signal were not returned by deadline. The Bacara website states that two-bedroom condos are offered from the $350,000s, and three-bedroom units begin in the $380,000s. Construction of the townhouses, which range from 2,080 sf to 2,120 sf, will begin within the next 30 to 60 days, according to Levine.

The then-St. James Club property was constructed in 1991. Ceebraid acquired it from Chicago-based LaSalle Investment Management. According to published reports, LaSalle acquired it in May 2000 at an undisclosed purchase price.

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