JLL Capital Markets announced today that it arranged a $9.26 million refinancing for The Forum, a 73-unit mid-rise apartment community located at 1361 Federal Highway in Boca Raton, Florida.
JLL worked on behalf of the borrower, Rosemurgy Properties, to secure the 120-month, fixed-rate loan through Freddie Mac. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Freddie Mac Optigo℠ lender.
The Forum features a pool and tropical courtyard, balconies, spacious floor plans, walk-in closets and more. The property is currently undergoing $1.3 million in renovations, including interior unit remodeling, concrete restoration, new exterior painting and repaving of the parking lot and walkways. To date, Rosemurgy Properties has contributed $2 million in upgrades, including HVAC systems, windows, roofing and elevators.
“We are proud to continue providing outstanding apartment homes to the heart of Boca Raton,” said Nic Desiato, CFO of Rosemurgy Properties. “In addition to the $2 million that Rosemurgy Properties has contributed in upgrades, this financing will further support improvements at The Forum apartments for current and future residents to enjoy, including interior unit remodeling and amenity upgrades.”
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Elliott Throne and Directors Amit Kakar and Jesse Wright.
“The Borrower was able to successfully capture very attractive agency financing,” said Wright. “This will now allow Rosemurgy Properties to continue providing an excellent product to residents of east Boca Raton, as they have been over the last 25 years.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
