Luxury Florida Property Changes Hands After $92M Loan

Aura Boca. Image courtesy of Cushman & Wakefield

Aura Boca, a recently completed multifamily community in Boca Raton, Fla. has changed hands. The acquisition was made possible as a result of the procurement of $92 million in financing. The fixed-rate loan was provided by MetLife Investment Management on behalf of a client. Real estate services firm Cushman & Wakefield served as the exclusive adviser to institutional investors advised by J.P. Morgan Global Alternatives.

A Cushman & Wakefield Equity, Debt & Structured Finance team of Steven Kohn, Alex Hernandez, Alex Lapidus, and Chris Meloni represented the borrower.

Measuring approximately 507,000 square feet in size and set on a 3.8-acre parcel, Aura Boca offers more than 8,000 square feet of amenities. Among the more prominent common-area amenities is a swimming pool with waterfall.

The selection of apartments includes one- to three-bedroom layouts. Residences range from 705 to 1,414 square feet in size. Features and finishes of apartments include 9- to 10-foot ceiling heights, walk-in closets, tile and wood faux flooring, stone countertops and European-style, two-tone cabinets.

Well located

Situated in Boca Raton’s residential district at 789 West Yamato Road, Aura Boca is proximate to beaches, restaurants and nightlife choices. Three shopping centers are located within a 16-minute walk of the property. The apartment community is located less than 1 mile from the Boca Raton Tri-Rail Station, and a similar distance from Interstate 95. Each of these transportation linkages provides quick, easy access to Miami to the south and West Palm Beach to the north.

In a statement, a Cushman & Wakefield official noted Aura Boca has enjoyed excellent leasing velocity and dramatic rent growth. Earlier this month, Cushman & Wakefield arranged a $110 million refi of a luxury Seattle high-rise property, Met Tower.