NYCB Provides $ 56 Million Loan to Acquire Multiple Families in Boca Raton – Commercial Observer
Harbor Group International (HGI) has secured $ 56 million in financing for its acquisition of a luxury multi-family asset in Boca Raton, Fla., The developer said on Wednesday.
Community Bank of New York (NYCB) provided the 2.9% seven-year loan, which includes four years of interest-only payments to be used for HGI’s $ 81 million purchase of The patrimony, a community of 248 units in Palm Beach County approximately 45 miles north of Miami.
Funding was organized by Meridian Capital Groupof Abe hirsch and Zev Karpel, in the same way Newmarkof Henry Stimler and Bill Weber. Newmark’s Hampton beebe and Avery klann coordinated the sale.
“The South Florida market has performed very well in the current economic context”, Richard Litton, chairman of HGI, said in a statement. “As a well-located luxury property, with a desirable set of amenities, we believe The Heritage will be an asset in demand as the area attracts more tenants.”
NYCB declined to comment on the transaction. Officials at Meridian and Newmark did not immediately respond to requests for comment.
HGI’s purchase of The Heritage adds to its footprint of more than 4,000 units across Florida. The Norfolk, Virginia-based company also has multi-family Florida communities in Orlando, Fort Lauderdale and Doral.
Located at 320 West Palmetto Park Road, The Heritage consists of four mid-rise residential buildings located one mile west of the beaches of the Atlantic Ocean. Facilities at the property include a resort-style swimming pool, Jacuzzi, outdoor kitchen, 24-hour fitness center, dry sauna, cinema room and independent private garages.
