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El-Ad National Properties Lands $100M Build Loan for Boca Raton Condo Project
El-Ad National Properties has secured a Kriss Capital-delivered $100-million construction loan for the second phase of its Alina Residences condominium project in Boca Raton., FL
The pair of condo buildings, already under construction, will house 182 units and comprise the final portion of the project, which spans nine acres between Southeast Mizner Boulevard and The Boca Raton Golf Club.
The first phase, a nine-story, 121-unit building known as Alina 200, was finished last year and has reached a $300-million sellout.
The Alina 210 building will offer condos with prices starting at $4 million. Alina 220 will offer condos starting at $2 million and go up to $8 million. Together, the two buildings are roughly 50% sold and achieved $250 million in pre-sales prior to the start of construction, according to El-Ad.
- ◦Development
- ◦Financing
