Meridian Capital Group has secured a $68.5 million construction loan for the Royal Palm Residences, a ground-up, luxury condominium project in Boca Raton.
Located at 475 East Royal Palm Road, the property will consist of three contiguous nine-story buildings containing 48 condominium units and 201 parking spaces. The development will offer an amenities package that will include a 24-hour doorman and concierge, expansive wellness plaza, a state-of-the-art fitness center, private storage, onsite parking and dual-entry private elevator access into each residence. The property is also located across from the entrance to the Boca Raton Resort and Club country club and adjacent to a planned six-acre, multi-million-dollar waterfront park along the Intracoastal Waterway.
Ronnie Levine, Judah Hammer, Ben Jacobs and Jared Kaufman of Meridian secured the financing on behalf of Ignacio Diaz and Jose Padua of Group P6 through lender, CIM Group. Terms of the loan included full-term, interest-only payments.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles.
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