Ocean Bank Lends $50 Million For Development Of Upscale Apartments In Boca Raton

MIAMI - April 14, 2016 - PRLog -- Ocean Bank announced it has closed a $50 million new construction loan that will finance the development of 282 upscale luxury apartments at the Park at Broken Sound, the former Arvida Commerce Park in Boca Raton rebranded last year to include residential units.

"It's a testament to the staying power of South Florida real estate that three preeminent families have come together to develop rental housing that will satisfy upwardly mobile professionals and even university students who desire upscale living in a good location," said Ralph Gonzalez-Jacobo, Executive Vice President at Ocean Bank.

The borrowers are Miami developers Sergio Rok and James D. Tate, principals of TR Danburg Boca Holdings. The project is located on 14.1 acres at the southeast corner of Congress Avenue and Clint Moore Road, a few miles from Florida Atlantic University, Mizner Park, Boca Town Center and the beaches. The apartment complex, which includes a 5,500-square-foot clubhouse, is expected to open in 15 to 16 months.

"With the Boca real estate market primed for more luxury rental apartments, my partner and I saw the land as a prime opportunity. The project was a good fit with Ocean Bank's  mission to serve businesses, so it all came together," Rok said.

Prior to the Rok and Tate purchase, the land was owned by developer Jaime Danburg, who secured the zoning for the residential, retail and clubhouse uses of the land.

Gonzalez-Jacobo and Senior Vice President Eddie Diaz negotiated the loan for Ocean Bank.

Ocean Bank is the largest independent, state-chartered commercial bank headquartered in Florida, with $3.28 billion in assets. Chartered in 1982, Ocean Bank operates its branch network throughout Miami-Dade and Broward counties. The community bank has received numerous awards and accolades from the Greater Miami Chamber of Commerce, The Beacon Council and the Florida Department of Education, among others, for its support of our South Florida communities. For more information, log on to www.oceanbank.com.