$58M Financing in Place for Boca Raton Mixed-Use Project
- Aug 31, 2012
According to an official announcement, HC Real Estate Capital has arranged $58 million in financing for Boca Raton’s Royal Palm Place and Plaza. Financing was arranged through a Life Company relationship, and the seven-year loan is interest-only at a competitive fixed interest rate. The project will replace a maturing facility on the property.
“The 98.5 percent occupied Royal Palm Place & Plaza is the crown jewel in the borrower’s portfolio,” said Chris Caveglia, principal at HC Real Estate Capital. “The borrower is taking advantage of the low-interest-rate environment we are currently in.”
Kurt Hoffmann of HC Real Estate Capital assisted Chris Caveglia in arranging the financing.
Royal Palm Place and Plaza is a 14-acre mixed-use development located half a mile from the ocean. It is made up of two sections: an outdoor mall and two buildings that comprise retail and office spaces, as well as 187 luxury rental residences. The outdoor shopping mall section is a historic destination, originally built in the 1960′s and standing as one of the first malls in the area. The new section of the plaza, Plaza Real South, was built in two phases in 2005 on the site of the old Antique Mall.
HC Real Estate Capital LLC is a privately owned mortgage-banking firm founded by Kurt Hoffmann and Chris Caveglia. Based in Delray Beach, Fla., HC Real Estate Capital arranges permanent and bridge commercial and multifamily real estate loans. The company has a broad capital provider base that includes insurance companies, CMBS lenders, pension fund advisors and commercial banks.
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