07 Mar Uptown Boca Partners Close on $125 Million Construction Loan
Boca Raton, FL – March 6, 2018 – Giles Capital Group, Rosemurgy Properties and Schmier Property Group in partnership with Wheelock Street Capital is pleased to announce it has closed on a $125 million construction loan for Uptown Boca. The transaction was brokered by Elliott Throne and Steven HFF. Jutland Finance Inc. provided financing for the project, which will bring more than 1 million square feet of new retail with residential development to Boca Raton.
Situated on a 38-acre site in west Boca Raton, Uptown Boca will feature 171,806 square feet of upscale retail space and 456 Class A luxury apartments. Confirmed tenants include Lucky’s Market, Silverspot Cinema, Chick-fil-A, Bolay and BurgerFi. The center is the last undeveloped parcel located off Glades Road, Boca Raton’s main east/west thoroughfare and retail corridor. The retail component is expected to deliver in late 2019 with the residential component available in early 2020.
“Uptown Boca is creating a center that will become an integral part of the west Boca community,” said Rick Giles, CEO of Giles Capital Group. “As west Boca’s first retail and apartment development in over 20 years, Uptown Boca will bring much-needed new dining, entertainment and living options to the area. We are extremely grateful for Jutland Finance’s confidence in our project and our goal of bringing an exciting destination to the community.”
Uptown Boca offers one, two, three and four-bedroom units. The apartments create a convenient lifestyle for its residents by offering unparalleled amenities including a 24-hour fitness and business center, yoga, spin and stretching room, gaming and theater room, zero edge pool, ride sharing lounge and an outdoor summer kitchen. The building also includes a resident lounge, kids play area and dog park and lounge.
For leasing information, please visit www.uptownboca.com.
About Giles Capital Group
Giles Capital Group is a real estate investment and development firm focused on multifamily rental communities in Florida. Over the past 30 years, founder Rick Giles has been responsible for the performance of over 25,000 apartment units throughout the southeastern and mid-Atlantic regions of the United States. In 2013 Giles Capital Group teamed up with Rosemurgy Properties to form a joint venture, Park Partners Residential, for the purpose of acquiring, developing, and managing multifamily assets.
About Rosemurgy Properties
Rosemurgy Properties, headquartered in Boca Raton, Florida, is a privately owned commercial real estate development, investment and management firm with more than 40 years of experience in the industry. The Company maintains a diversified portfolio over several asset classes which include multifamily, self-storage, retail and office. Rosemurgy Properties has developed and acquired over 2 million square feet of commercial real estate in the past 15 years in various partnerships. Notable development projects include the FAU Research Park and Innovation Centre, and University Park, the first purpose-built student housing development in Palm Beach County. The company, which includes general contracting, property management and asset management services, owns commercial properties throughout Florida and the Carolinas.
About Schmier Property Group
Schmier Property Group is a diversified commercial real estate investment, development and management company located in Boca Raton, Florida. The principals, Brian Schmier, CEO, and Robert Schmier, President, have extensive development experience with a specialization in retail. The company invests directly and with partners across all asset classes including retail, office, industrial, self-storage and multifamily. The most recent project by the principals (through affiliate Schmier & Feurring Properties) include the ground up development of Park Place, the grocery-anchored retail portion of a mixed-use project located in Boca Raton, Florida. Schmier & Feurring Properties began in south Florida in 1981 and has developed/owned over 1 million square feet along Glades Road, including University Commons, Towne Plaza, Corporate Center, West Boca Place, Somerset Shoppes and Mission Bay Plaza.
About Wheelock Street Capital
Wheelock Street Capital was formed in 2008 by Rick Kleeman and Jonathan Paul, two veteran real estate private equity investors, each with over 25 years of broad real estate transaction experience across all major asset classes. Wheelock has since raised over $2 billion in capital commitments and is currently investing its fifth fund comprising $725 million of commitments from leading pension funds, endowments and foundations. Wheelock will invest in a broad range of real estate assets throughout the United States. The fund may invest directly or with high quality joint venture partners through a variety of capital structures and transaction types, including acquisitions, restructurings, and recapitalizations.
Levy Public Relations