Meridian Capital Group, America’s most active dealmaker, arranged $105 million in acquisition financing for the Altis Boca Raton, a luxury multifamily property in Boca Raton, FL on behalf of Grant Cardone of Cardone Capital.
The seven-year loan, provided by a balance sheet lender, features full-term interest-only payments. This transaction was negotiated by Meridian Senior Managing Director, Israel Schubert, Managing Director, David Cohen, and Vice Presidents, Mordy Schwartz and Mark Krupenia, who are all based in the company’s New Jersey office.
Located at 5550 North Military Trail, the luxury multifamily community stands six stories tall, spans 400,000 square feet, and contains 398 apartments averaging 1,005 square feet in addition to 719 onsite parking spaces. All units feature top-of-the-market interior finishes, quartz countertops, stainless-steel appliances, and nine-foot ceilings, while residents benefit from community amenities such as an outdoor pool and entertainment area inclusive of a chef’s kitchen, an expansive 24-hour fitness center, and an onsite spa complete with a sauna, steam room, and indoor plunge pool.
Altis Boca Raton is advantageously positioned less than two miles west of I-95 and overlooks the Broken Sound Golf Course. The property is adjacent to the Park Place shopping center, containing 67,000 square feet of retail anchored by a Fresh Market, and is situated within the Park at Broken Sound, consisting of over eight million square feet of office and industrial space.
“We couldn’t be more pleased to have closed another premier transaction for Cardone Capital. Meridian was able to leverage our unique relationship with the lender to structure a competitive transaction that closed in just 30 days,” said Mr. Schubert. “Working with Grant Cardone and the Cardone Capital team is always professional and rewarding.”