Construction on the ALINA Residences condominium development has already begun.
BOCA RATON, FL— Deutsche Bank and Bank Hapoalim have provided El-Ad National Properties $146 million in construction financing for phase one of its ALINA Residences luxury condominium development here.
Construction is already well underway on the 121-unit first phase that is scheduled for delivery in the fourth quarter of 2020. Boca Raton-based El-Ad National Properties is company of Elad Group of New York City.
“With construction moving along at a very rapid rate, we are happy with how well received this project has been. ALINA is generating excitement not only from South Florida locals, but also from those who live outside the area who are looking to make Boca home,” says Noam Ziv, executive director of development of El-Ad National Properties. “ALINA is attracting buyers looking to live in a location that puts them in the center of everything.”
Designed by architectural firm Garcia Stromberg/GS4 Studios, ALINA offers one to four-bedroom condominiums that showcase sweeping golf course and city views with floor-to-ceiling glass doors which open to expansive terraces.
“Boca Raton is the perfect market for our latest project, ALINA Residences, and we are excited that we were able to partner with Deutsche Bank and Bank Hapoalim to close such a sizable loan,” says Yoel Shargian, CEO of EL AD US Holding, Inc. “We are proud of the progress on this project and are elated to elevate the level of luxury in Boca Raton.”
The development features more than 45,000-square feet of resort-inspired amenities that include nearly an acre of outdoor green space with private cabanas, fire pits, a dedicated yoga area, outdoor kitchens, a dog park, an elite performance Fitness Center with a yoga studio, as well as his and her spa facilities. The project is located adjacent to the Boca Raton Resort and Club's golf course, and minutes away from dining, entertainment, art museums and the beach.
Prices for ALINA Residences begin from just under $1 million to more than $6 million.
ALINA has celebrated several milestones in the past six months including the opening of the Sales and Model Gallery, groundbreaking and most recently, the commencement of the concrete pour for the foundation of phase one of the project.
Known for its restoration and conversion of the famed Plaza Hotel, Elad Group's New York portfolio includes One West End, the first and tallest condominium project to come to market in Christian de Portzamparc's-designed Riverside Center, 22 Central Park South, 250 West St., a 1906 warehouse turned luxury condominium in the heart of TriBeCa, and 108 Leonard, a 19th century McKim, Meade & White Italian Renaissance Revival landmark conversion in TriBeCa.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
