A mixed-use property in Boca Raton, Fla., has secured $126 million in construction financing. Uptown Boca—a 456-unit community developed by Giles Capital Group, Rosemurgy Properties and Schmier Property Group, in partnership with Wheelock Street Capital—secured a floating-rate construction loan through Jutland Finance Inc.
Located on a 38-acre site at Glades Road and 95th Avenue S., in West Boca Raton, Uptown Boca will encompass luxury apartments, as well as 171,806 square feet of retail space, which will be anchored by Lucky’s Market, Silverspot Cinema, Bolay, Chick-fil-A and BurgerFi, along with a variety of smaller retail and restaurant tenants.
The retail component of the property is slated to open this summer, while the residential component is anticipated to open in early 2020. Uptown Boca is situated in close proximity to both the East and Boca Town Center office markets, a variety of shopping and dining options and is a 10-minute drive from downtown.
An HFF debt placement team including Elliott Throne, Steven Klein and Jesse Wright represented the development team in the deal.
“The sponsorship team includes an experienced institutional equity partner along with the best local developers, which allows them to understand the specific needs of the West Boca Raton community,” said Throne in prepared remarks. “This project will create the first livable destination lifestyle retail center that will provide a sense of place and will serve West Boca the way Mizner Park serves East Boca.”
Image courtesy of HFF