NYCB Supplies $56M Loan for Boca Raton Multifamily Acquisition

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Harbor Group International (HGI) has landed $56 million in financing for its acquisition of a luxury multifamily asset in Boca Raton, Fla., the developer announced Wednesday.

New York Community Bank (NYCB) provided the seven-year, 2.9 percent loan, which features four years of interest-only payments to be used for HGI’s $81 million purchase of The Heritage, a 248-unit community in Palm Beach County about 45 miles north of Miami. 

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The financing was arranged by Meridian Capital Group’s Abe Hirsch and Zev Karpel, along with Newmark’s Henry Stimler and Bill Weber. Newmark’s Hampton Beebe and Avery Klann coordinated the sale.

“The South Florida market has performed exceptionally well amid the current economic environment,” Richard Litton, president of HGI, said in a statement. “As a well-located luxury property, with a desirable amenity set, we believe The Heritage will be an in-demand asset as the area attracts more renters.”

NYCB declined to comment on the transaction. Officials at Meridian and Newmark did not immediately respond to requests for comment.

HGI’s purchase of The Heritage adds to its footprint of more than 4,000 units throughout Florida. The Norfolk, Va.- based firm also owns Florida multifamily communities in Orlando, Fort Lauderdale and Doral.

Located at 320 West Palmetto Park Road, The Heritage consists of four mid-rise, residential buildings located one mile west of Atlantic Ocean beaches. The property’s amenities include a resort-style pool, jacuzzi, outdoor kitchen, 24-hour fitness center, dry sauna, movie theater and private detached garages.