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| Rendering of Uptown Boca Retail, Boca Raton, FL |
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| Elliott Throne |
MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announces $125.65 million in
construction financing for the development of Uptown Boca, a mixed-use
lifestyle center with residential and retail space in Boca Raton, Florida.
The HFF team worked
on behalf of the development team of Giles Capital Group, Rosemurgy Properties
and Schmier Property Group in partnership with Wheelock Street Capital to
secure the floating-rate construction loan through Jutland Finance Inc.
Uptown Boca will be
situated on a 38-acre site at Glades Road and 95th Avenue South
in West Boca Raton.
The lifestyle center
will encompass 456 Class A luxury apartments and 171,806 square feet of upscale
retail space, which will be anchored by Lucky’s Market, Silverspot Cinema,
Bolay, Chick-fil-A and BurgerFi, along with a variety of smaller retail and
restaurant tenants.
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| Steven Klein |
The retail component is expected to deliver
in summer 2019 with the residential component available in early 2020.
The property
is the last undeveloped parcel located off Glades Road, which is Boca Raton’s
main east/west thoroughfare and retail corridor, and also benefits from its
proximity to both the East and Boca Town Center office markets, which together
consist of more than 330 buildings and nine million square feet.
HFF’s debt placement
team representing the developers included managing directors Elliott Throne
and Steven Klein along with associate Jesse Wright.
“The sponsorship
team includes an experienced institutional equity partner along with the best
local developers, which allows them to understand the specific needs of the
West Boca Raton community,” said Throne, who is also a Boca Raton resident.
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| Jesse Wright |
“This project will
create the first livable destination lifestyle retail center that will provide a sense of place and will serve West Boca the
way Mizner Park serves East Boca.”
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.
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| Rick Giles |
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 two 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.
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| Brian S. Schmier |
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.
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| Robert Schmier |
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 one million square feet along Glades Road,
including University Commons, Towne Plaza, Corporate Center, West Boca Place,
Somerset Shoppes and Mission Bay Plaza.
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| Rick Kleeman |
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.
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| Jonathan H. Paul |
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.
CONTACTS:
ELLIOTT THRONE
HFF Managing
Director
(305) 421-6549
STEVEN KLEIN
HFF Managing
Director
(212) 632-1838
OLIVIA HENNESSEY
HFF Public Relations
Specialist
(713) 852-3403
