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Compson to break ground on luxe Boca high-rise after securing $49M loan

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Renderings of Tower 155

With a $48.67 million loan from Arkansas’ Bank of the Ozarks now in the bag, Compson Associates is ready to break ground on its Tower 155 luxury high-rise in Boca Raton. Photo as above are renderings of Tower 155.

County records show Compson took out the loan against its properties at 199, 165, 155 and 133 East Boca Raton Road in the city’s downtown area.

The developer plans to build a 12-story condo complex on the site with 170 units, priced between $400,000 and $2 million. According to a Tuesday Facebook post from the development team, Compson has all of its required permits and construction is “scheduled to begin shortly.”

This is the first piece of financing Compson has taken out for the land, besides assuming a mortgage from the previous owners, according to county records. A request for comment to Compson was not immediately returned.

Bank of the Ozarks has taken a leading role for financing condo projects in South Florida and New York this cycle, even as other traditional lenders shy away from the market. Just in September, the Arkansas-based bank gave Fortune International Group and Château Group a $163 million loan for their Ritz-Carlton Residences development in Sunny Isles Beach.

Back in Boca Raton, floor plans for Tower 155 range from one-bedroom units with 747 square feet to three-bedroom penthouses with just under 3,000 square feet. Each unit will feature 10-feet ceilings, porcelain floors and walk-in closets. The building will also boast a two-story lobby and clubroom with interiors designed by Steven G., plus a ground-floor pool and European-style cabanas.

Compson, also based in Boca Raton, assembled the land for a combined $6.5 million in 2014. The developer received city approvals for a height increase in September.

From The Real Deal Miami via http://ift.tt/2fgMC7V