The new owner plans a $20 million renovation of the 7.5-acre oceanfront property near the $800 million Westin Diplomat Hotel & Spa, according to a prepared statement from the Boca Raton office of Holliday Fenoglio Fowler which arranged the loan.
Holliday Fenoglio didn't disclose the purchase price, buyer's headquarters location or the seller's name. The loan was capitalized with 25% cash equity from the buyer.
In an unrelated transaction, Holliday Fenoglio brokered a $29.5 million interim bridge loan from Salomon Brothers Realty Corp. of New York for Investcorp International Inc.'s 186,000-sf, 14-year-old Somerset Shoppes, 8903 Glades Road, West Boca Raton.
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