Jon Paul Pérez Of Related Group Secures $176.5 Million Loan From Wells Fargo For Development Site

The asset involved in this transaction is a development site located at 6600 North Military Trail in Boca Raton, FL, encompassing 9.9 acres. The property is part of the Eclipse mixed-use development, featuring plans for 494 units within the Broken Sound Residences project. The specific loan amount secured for this construction project is $176,500,000, increasing the existing mortgage by $140.7 million.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $176,500,000
• Address: 6600 North Military Trail
• Market: Boca Raton, FL
• Lender: Wells Fargo
• Landlord: Jon Paul Pérez - Related Group
• Asset Acreage: 9.9 acres
• Loan Type: Construction

The key individuals in this deal include Jon Paul Pérez, representing Related Group as the landlord. The lender for the construction loan is Wells Fargo. The Broken Sound Residences project initiated construction in August and will provide luxury apartments, workforce housing, and extensive amenities as part of its development plan.