El-Ad Tops Phase II of Boca Raton’s Luxury Condos
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Deutsche Bank has provided a loan of $52.8 million for the project.
El-Ad National Property, a division of Elad Group has completed the Alina 210. This is part of Alina Residences’ second phase, a luxury condo development in Boca Raton.
The community will have a total of 302 units when fully built out. According to the South Florida agent, the second phase of Alina Residences was funded by a $52.8-million loan from the New York branch Deutsche Bank. The first phase received construction financing of $146-million from Deutsche Bank and Bank Hapoalim.
Peter Stromberg, an architect with Garcia Stromberg, is the designer of this property. Moss Constructionis the general contractor. Douglas Elliman Development Marketing is handling sales.
The second phase includes two buildings: Alina 210 & Alina 220. They are expected to be completed in late 2024. Alina 210 includes 30 three and four bedroom residences spread over nine stories, ranging in size from 3,300 to 5400 square feet. Prices start at around $4 million. The project will also feature amenities like a swimming pool, fitness center, gym, and private spa.
Alina 220 is a residential complex that will include 152 units ranging from one to four bedrooms, and 19,000 square foot of amenity area. Phase two will include approximately 2 acres of new resident facilities, including rooftop pools, dog parks, spas, and fire pits.
Boca Raton’s heartbeat
The property, located at 200 SE Mizner Boulevard, is close to many retail, dining, and entertainment options. The property is located off Highway 1 within walking distance to the downtown Boca Raton Plaza. The green fairways of the city and the Boca Raton Golf Club are located in its immediate proximity.
El-Ad CEO Noam Ziv said in prepared remarks that Alina Residence’s first phase had enjoyed tremendous success, and the second component has already been sold at 50 percent. Douglas Elliman CEO Jay Parker said that Boca Raton’s downtown has changed in line with the developer’s vision. Florida’s condominium market continues to thrive despite new safety standards.
