Craig Romer and Chris Romer of Dockerty Romer & Co., a RECA member, have arranged a construction loan in the amount of $20,600,000 for a luxury condominium development located in South Florida.
The subject property, known as 111 First Delray, will consist of 70 luxury condo units with amenities that include a fitness center, pool with cabanas, recreation deck, and a covered open-air lounge. The building will also feature ground-floor retail and gated parking on the first two floors. It will be located just a block from the heart of Delray Beach’s famed Atlantic Avenue and abutting the Historic District of Delray. 111 First Delray will be within steps of all the award winning restaurants, shops and nightlife activities Delray Beach has to offer.
Dockerty Romer & Co. worked on behalf of their clients Manuel and Felipe Vergara who are part of SOFA Partners. Trez Forman Capital Group provided the $20,600,000 construction loan for the development of 111 First Delray. Romer commented that, “Both the investor and lender were highly focused and professional in all areas of this transaction.” Romer also commented that, “Trez Forman Capital Group provided an excellent debt structure which will allow our client to execute on their business plan for this asset.” 111 First Delray will be the first luxury condominium development in Delray Beach in more than 10 years.
About Dockerty Romer & Co.
Dockerty Romer & Co., a RECA member, based in Delray Beach, Florida is a full service commercial mortgage banking firm specializing in the capitalization of income producing properties. Dockerty Romer & Co. has closed nearly $5 Billion of real estate transactions since its inception in January 2000. (www.dockertyromer.com)
About SOFA Partners
SOFA Partners is led by two father-son teams, Manuel and Felipe Vergara, and Rafael and Daniel Rincon. Manuel and Rafael each have 35 years of development experience in Colombia. These two leading international real estate families are known for high quality urban development outside the United States. SOFA has assembled a team which also include George Ligeti of The Greenfield Group and Paul Kilgallon of Mainstreet Capital Partners, both have a combined 40 years of success in South Florida real estate. SOFA Partners combines 100 years of general management experience in the construction and real estate industries and have developed and managed over 50 million square feet around the globe.