199 East Palmetto LP Secures $74 Million Construction Loan From Bank OZK For Aletto Project

The development site located at 119 East Palmetto Park Road in Boca Raton spans 1.31 acres. A construction loan of $74 million has been secured for the 10-story, 140,000-square-foot Aletto office and restaurant project, which is 60% pre-leased to several tenants including Slavic 401(k), NSI Insurance, and Industrious. The project will feature Class A office space, 23,000 square feet of retail and restaurant space, a 550-space parking garage, and is expected to be completed in fall 2027.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $74,000,000
• Address: 119 East Palmetto Park Road
• Market: Boca Raton
• Asset Size: 1.31 acres
• Lender: Bank OZK
• Landlord: Carl E. Klepper Jr. & Robert D’Angelo - Compson Associates; John W.S. Preston - NADG
• Project Completion Date: Fall 2027
• Leasing Brokers: Colliers
• Leasing Rate: $95/SF

The key individuals involved in this transaction include Carl E. Klepper Jr. and Robert D’Angelo representing Compson Associates, along with John W.S. Preston representing NADG. The loan arrangement was made by 199 East Palmetto LP, an affiliate of Compson Associates and NADG, aimed at funding the Aletto project in downtown Boca Raton.