UPDATE: El-Ad Boosts Loan to $200M to Complete Luxury Boca Project
By Julia Echikson October 18, 2023 6:07 pm
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El-Ad National Properties boosted a construction loan to $130 million to finish the second phase of the Alina Residences in Boca Raton, Fla., property records show.
Construction for the 183-unit condo complex at 310 SE Mizner Boulevard has been underway since September 2022, located just west of the Boca Raton Golf Club, according to filings to Palm Beach County.
The developer, a division of Israeli billionaire Isaac Tshuva’s New York-based Elad Group, secured a $100 million construction loan from Kriss Capital last year. Now, the New York-based private equity firm has upped the loan by $70 million with UMB Bank acting as the administrative agent, according to Jody Kriss, founder of Kriss Capital, and a representative for El-Ad.
The additional debt brings the total financing for the second phase to $200 million. The developer appears to have already drawn down $30 million, per mortgage documents. About 70 percent of the units have been sold, and the two-building property is expected to be completed next year, according to a spokesperson for El-Ad.
In 2021, El-Ad completed the first phase of Alina, which featured 121 condo units next door at 200 SE Mizner Boulevard.
The Alina project isn’t the only condo project along Mizner Boulevard. Just in August, Penn-Florida Companies also upped a construction loan for The Residences at Mandarin Oriental condo building by $55 million.
The Mandarin Oriental property is part of the 7-acre Via Mizner project, which will be home to a Mandarin Oriental hotel, a luxury rental building, a golf course, and a retail component.
Julia Echikson can be reached at jechikson@commercialobserver.com.
Update: The article, which originally stated that the construction package amounted to $130 million, was amended to include an additional $70 million, which was not mentioned in public mortgage documents.
