El-Ad National secures $ 53 million loan for Alina residences in Boca Raton – Commercial Observer
El-Ad National Properties secured a loan of $ 52.8 million for Alina Residences, its luxury condo development in Boca Raton, Florida, from the New York branch of German Bank, property records show.
The mortgage marks the third financing agreement for the two-phase project.
In 2019, Deutsche Bank and Hapoalim Bank granted a loan of $ 146 million for the first phase of construction, which was completed in late June, according to The real deal and the project website. Before that, Morgan stanley loaned $ 32 million in 2015 and $ 36 million two years later, per property record.
Located at 300, boulevard Mizner southeast, the existing nine-storey property has 121 apartments and is located near the Intra-coastal waterway, overlooking the Boca Raton Resort & Club.
More than 70 percent of completed condos had sold by the end of June, according to the website, with sales ranging between $ 1 million and $ 5 million, according to property records.
The project will begin the second phase of construction, which will add two more buildings, according to the website. El-Ad representatives did not respond to requests for comment.
El-Ad National Properties, based in Boca Raton, is the multi-family division of El-Ad Group, which was founded in 2004. Its parent company, Tshuva Group of Companies led by Israeli billionaire Isaac tshuva, which once had the emblem of New York City Plaza Hotel.
Julia Echikson can be reached at [email protected]