USA. Boca Developers secures $275 million from Blackacre Institutional Capital Management

Thursday, 13 July 2006

Boca Developers has closed on a $275 million financing facility from Blackacre Institutional Capital Management LLC. This facility will be utilized in projects currently under development with sales in excess of $2.7 billion. The company's portfolio comprises more than 16,000 residences with a total value of approximately $9.5 billion. "In spite of most financial institutions becoming much more bearish about condominium projects and their developers, we were very encouraged by the responses we received from prospective financial institutions," said Brian Street, the co-founder of Boca Developers. "Ultimately, we decided to partner with Blackacre, which brings its vast real estate investment experience and global financial resources to bear for all our properties." "We are extremely pleased to provide financial backing and support for a company with such an impressive track-record of success," said Tom Arnold of Blackacre. "We look forward to building a strong, long-term relationship with Boca Developers." In addition to the $275 million financing facility from Blackacre, Boca Developers has secured more than $1 billion in acquisition and development financing from domestic and international financial institutions within the past two years.

Last Updated ( Thursday, 13 July 2006 )