El-Ad National Scores $53M Loan for Alina Residences in Boca Raton
By Julia Echikson July 14, 2021 5:11 pm
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El-Ad National Properties secured a $52.8 million loan for Alina Residences, its luxury condo development in Boca Raton, Fla., from the New York branch of Deutsche Bank, property records show.
The mortgage marks the third financing deal for the two-phase project.
In 2019, Deutsche Bank and Bank Hapoalim provided a $146 million loan for the first phase of construction, which was completed in late June, according to The Real Deal and the project’s website. Before that, Morgan Stanley loaned $32 million in 2015 and $36 million two years later, per property records.
Located at 300 Southeast Mizner Boulevard, the existing nine-story property holds 121 apartments and sits near the Intracoastal Waterway, overlooking the Boca Raton Resort & Club.
More than 70 percent of the completed condos had sold as of late June, per the website, with sales ranging between $1 million and $5 million, property records show.
The project will embark on the second phase of construction, which will add two additional buildings, per the website. Representatives for El-Ad did not respond to requests for comment.
Boca Raton-based El-Ad National Properties is the multifamily division of the El-Ad Group, which was founded in 2004. Its parent company, Tshuva Group of Companies led by Israeli billionaire Isaac Tshuva, once owned New York City’s landmark Plaza Hotel.
Julia Echikson can be reached at jechikson@commercialobserver.com.
