Lincoln Property Refis Boca Rental With $108M From MetLife
By Julia Echikson December 9, 2022 12:40 pm
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Lincoln Property Company refinanced its newly acquired multifamily property in Boca Raton, Fla., with $108.5 million, property records show.
The 11-acre property, Amalta Broken Sound Apartments, holds 297 units, including six villas, where monthly rents range between $2,874 and $11,878, per Apartments.com. The complex is at 5400 Broken Sound Boulevard NW, adjacent to Yamato Road and about three miles west of Interstate 95.
The mortgage from the real estate lending arm of MetLife Insurance marks the Dallas-based investor’s first funding round for the property since buying it for $194 million in September, according to records.
The Related Group and Rockpoint completed Amalta Broken, formerly known as Manor Broken Sound, within the past year. The joint venture bought the 11-acre site in 2019 for $20 million, and a year later, secured a $69 million construction loan from Wells Fago.
Besides the Boca acquisition, Lincoln Property is active in Doral, where it’s building a 14-story project with 291 apartments after it scored a $102.9 million construction loan from Santander Bank.
A representative for Lincoln Property did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
