Purvesh Gosalia Secures $77M Loan For Congress Grove Apartments In Delray Beach

The property involved is Alta Congress, now known as Congress Grove Apartments, located at 250 Congress Park Drive in Delray Beach. This 369-unit multifamily property was acquired with a $77 million loan provided by Mesa West Capital. The apartment community offers a mix of studio, one-, two-, and three-bedroom units with modern amenities such as stainless steel appliances, hardwood style plank flooring, granite countertops, and hurricane impact-resistant windows. Residents can enjoy various community features including a fitness center, clubhouse, dog park, and a heated pool with cabana seating.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $77,000,000.00
• Address: 250 Congress Park Dr, Delray Beach
• Market: Delray Beach
• Borrower's Rep: Purvesh Gosalia (Newmark)
• Lender: Mesa West Capital

Purvesh Gosalia from Newmark Knight Frank played a significant role in arranging the five-year, floating-rate, non-recourse loan for the undisclosed buyer of Congress Grove Apartments. The property stands out for its convenient location, being close to Boca Raton and Deerfield Beach, making it a desirable residential complex in the Delray Beach area.