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$70M Loan Obtained For Boca Residential Complex

October 21st, 2014

The owner of luxury residential community Broadstone North Boca Village obtained $70 million in permanent financing through Fannie Mae’s Delegated Underwriting and Servicing (or DUS) program.

Craig Romer of Delray Beach-based Dockerty Romer & Co. arranged the loan for the 384-unit multi-family complex at 7801 North Federal Highway in Boca Raton, according to the firm’s written announcement released on Friday.

Broadstone includes one, two and three-bedroom units within 19 three and five-story buildings. Amenities include an 11,000-square-foot clubhouse, a movie theater, resort-style pool and a fitness center. PR III Broadstone North Boca owns the 17.4-acre property. State corporate records show the company is managed by Madison, N.J.-based PRISA III Investments, an open-end fund advised by Prudential Real Estate Investors, and a corporation that shares a Phoenix, Ariz. mailing address with Alliance Residential.

“The lender delivered a very flexible loan structure which will allow the borrower the ability to achieve their long-term investment goals for this quality asset,” Romer said.

 

Source: The Real Deal

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