Group P6 is moving ahead with construction of a nine-story, 48-residence luxury condominium project in Boca Raton, Fla., after receiving a $68.5 million construction loan from CIM Group. The Royal Palm Residences development is slated for delivery in 2022.
Meridian Capital Group arranged the non-recourse full-term, interest-only loan. Ronald Levine, Judah Hammer, Ben Jacobs and Jared Kaufman of Meridian negotiated the funding.
Ignacio Diaz, managing partner at the Boca Raton-based development firm, said in a prepared statement more than 40 percent of the residences have been sold. The remaining residences start at $1.9 million. The three- to five-bedroom residences include six penthouses and range from 2,425 to 7,168 square feet.
Features include ample natural light, dual-entry private elevator access into the units, European kitchens and Wolf gas barbecues built into large outdoor terraces. Community amenities include two assigned, secured underground parking spaces; wellness plaza featuring a fitness center, pool with heated spa; club room with European kitchen and bar; 24-hour doorman and private underground storage. Royal Palm Residences will have an exclusive partnership with Boca Rio Golf Club located just west of the property.
Located at the corner of Fifth Avenue and East Royal Palm Road, the property has views of the Atlantic Ocean, Boca Raton Resort & Club and a planned six-acre, multi-million dollar waterfront park that will be located outside the building.
In its first project for Group P6, RLC Architects designed the Royal Palm Residences. Suffolk Construction will be the project’s general contractor. Zelman Style Interiors is in charge of interior customization and design. One Sotheby’s International Realty is exclusively handling sales and marketing.
Group P6 recently completed 327 Royal Palm, a 24-luxury boutique condominium project also in Boca Raton. The firm previously developed six other high-end residential projects in South Florida, including The Elysian and The Fordham, both boutique projects in Deerfield Beach, Fla.