Bank of America is the lead bank in the syndicated loan. Tom Streit, a shareholder in the West Palm Beach, FL, office of the law firm Akerman Senterfitt, represented Bank of America in the deal. The Florida law firm negotiated the loan terms, prepared the loan documents and reviewed the due diligence process. The three-year loan takes the place of a smaller loan that was arranged to purchase the site and start marketing the development.

"This loan is evidence of the strong trend of luxury residential condominium development in Broward and Palm Beach counties," Streit says.

Suffolk Construction is the general contractor building the project. The project's developer is a partnership led by Altman Development Corp., a luxury multifamily developer and manager established in 1968. The Altman Cos. has acquired and developed more than 13,000 residences.