Cushman & Wakefield announced that the real estate services firm served as the exclusive advisor to institutional investors advised by J.P. Morgan Global Alternatives in the procurement of $92,000,000 of financing for Aura Boca, a recently completed 322-unit multifamily property located at 789 W Yamato Road in Boca Raton. The fixed rate loan was provided by MetLife Investment Management on behalf of a client.
A Cushman & Wakefield Equity, Debt & Structured Finance team of Steven Kohn, Alex Hernandez, Alex Lapidus and Chris Meloni, represented the borrower in the transaction.
“Since opening, Aura Boca has experienced tremendous leasing velocity and achieved exponential rent growth,” said Hernandez. “Residents of the newly-constructed property benefit from superior access to major transportation hubs and modern amenities including a state-of-the-art fitness studio, resort-style pool and outdoor lounge areas.”
Aura Boca consists of 506,916 square feet on 3.78 acres of land. The property features 8,000 square feet of amenities including a fitness center, pool with waterfall, tanning ledge, jacuzzi, private cabanas, enclosed bicycle storage and an on-site parking garage.
Aura Boca is located in Boca Raton’s residential district in close proximity to beaches, retail, dining and entertainment options. The asset is less than a mile to Interstate 95 and the Boca Raton Tri-Rail Station, providing convenient access to downtown West Palm Beach and Miami.
