X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.