El-Ad National Properties secured a $52.8 million loan for Alina Residences, it’s a luxury condo development in Boca Raton, Florida from the New York branch of Deutsche Bank.
In 2019, Deutsche Bank and Bank Hapoalim granted a $146 million loan for the first phase of construction, which was completed in late June. Before that, Morgan Stanley lent $32 million in 2015 and $36 million two years later.
Positioned at 300 Southeast Mizner Boulevard, the current nine-story property accommodates 121 apartments and remains near the Intracoastal Waterway, facing the Boca Raton Resort & Club.
More than 70% of the finished condos had sold as of late June, per the website, with sales ranging between $1 million and $5 million, as per property records.
The project will begin on the second phase of construction, which will add two additional buildings, as per the website.
Boca Raton-based El-Ad National Properties is the multifamily segment of the El-Ad Group, which was established in 2004. Its origin company, Tshuva Group of Companies headed by Israeli billionaire Isaac Tshuva, formerly occupied New York City’s landmark Plaza Hotel.