Trinsic Refis Boca Apartments With $92M From MetLife
By Julia Echikson December 15, 2022 5:04 pm
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Trinsic Residential secured $92 million from MetLife Investment Management to refinance a new multifamily property in Boca Raton, Fla.
The Dallas-based developer completed Aura Boca, an eight-story building with 322 units, last year, according to property records. The property was 94 percent leased as of October.
Located at 789 W Yamato Road, the 360,718-square-foot property stands across the street from the Boca Raton Innovation Campus, where IBM developed the first personal computer.
Cushman & Wakefield’s Steven Kohn, Alex Hernandez, Alex Lapidus and Chris Meloni, represented J.P. Morgan Global Alternatives, which advises the owners and announced the deal. Trinsic did not respond to a request for comment.
The latest financing, a fixed-rate loan, marks the second funding round for the development. Shortly after purchasing the 3.6-acre site in 2019 for $12.8 million, Trinsic nabbed a $56.5 million construction loan.
The deal comes only a week after a similar one. Less than two miles down the road, Dallas-based Lincoln Property Company refinanced a multifamily complex with a $108.5 million loan, also from MetLife Investment.
Julia Echikson can be reached jechikson@commercialobserver.com.
