HFF Announces $125.65M Financing for Uptown Boca in South Florida

MIAMI–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24HF&src=ctag” target=”_blank”gt;$HFlt;/agt; lt;a href=”https://twitter.com/hashtag/CRE?src=hash” target=”_blank”gt;#CRElt;/agt;–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. 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. “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.

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. The company, which
includes general contracting, property management and asset management
services, owns commercial properties throughout Florida and the
Carolinas.

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. The company invests directly and with partners across all
asset classes, including retail, office, industrial, self-storage and
multifamily. 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.

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. Wheelock will invest in a broad range of real estate assets
throughout the United States. 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. www.wheelockst.com

About HFF

HFF and its affiliates operate out of 26 offices and are a leading
provider of commercial real estate and capital markets services to the
global commercial real estate industry. HFF, together with its
affiliates, offers clients a fully integrated capital markets platform,
including debt placement, investment advisory, equity placement, funds
marketing, M&A and corporate advisory, loan sales and loan servicing.
HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities
Limited are owned by HFF, Inc. (NYSE: HF). For more information, please
visit hfflp.com
or follow HFF on Twitter @HFF.

Contacts

ELLIOTT THRONE
HFF Managing Director
(305) 421-6549
ethrone@hfflp.com

STEVEN KLEIN
HFF Managing Director
(212) 632-1838
sklein@hfflp.com

OLIVIA HENNESSEY
HFF Public Relations Specialist
(713)
852-3403
ohennessey@hfflp.com

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