Alina Condominium in Boca Raton Secures $ 53 Million Construction Loan


Alina Residences in Boca Raton (Alina Residences)

The developer of the Alina Residences condominium in Boca Raton has secured a loan of $ 52.8 million for the construction of two towers.

El-Ad National Properties plans to start the second phase of the upscale condo project later this year, according to a press release. The New York branch of Deutsche Bank is the lender.

El-Ad, based in Boca Raton, the residential arm of the New York-based Elad Group, completed Alina’s first phase in June, after securing a $ 146 million construction loan in 2019. Deutsche Bank and Bank Hapoalim were the lenders.

The project at 300 Southeast Mizner Boulevard spans 9 acres, just west of the Boca Raton Golf Club.

Records show that El-Ad, through a subsidiary, purchased at least part of the development site for $ 101 million in 2006.

The first phase of 121 units is over 75% sold, with prices ranging from over $ 1 million to over $ 6 million, the statement said. The units break down into 102 fully finished units, 12 penthouses and seven villas.

The number of units for the second phase was not provided.

Alina has a modern design, marking a step away from the traditional Spanish-Mediterranean architecture common in Boca Raton.

Depending on the version.

Other amenities include a club room with a catering kitchen and private indoor and outdoor dining area, as well as an on-site concierge.

GarciaStromberg / GS4 Studios, a West Palm Beach-based architecture and interior design firm, designed Alina.

El-Ad, in a joint venture with Yellowstone Portfolio Trust, in March sold a portfolio of 48 apartment complexes in 11 states to Morgan Properties, which bought real estate with Olayan America, for $ 1.8 billion. of dollars. This included four multi-family properties in and around Boca Raton that sold for $ 126 million.

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