Boca-based real estate developer Group P6 closed on a construction loan for its ultra-luxury condo project in downtown Boca, 327 Royal Palm. The bank loan was for $19.7 million from Banesco USA.
“We’re grateful for our relationship with Banesco USA and the support they’ve provided with this critical funding,” said Ignacio Diaz, co-operating manager with Group P6. “This represents an important project milestone and is a very exciting time for our team and our buyers.”
The project is scheduled to be completed by Dec. 2017. The project is being built by Dick Building Company.
Floor plans will vary, with up to three bedrooms and 3.5 bathrooms and units averaging 3,200 square feet. Select custom residences approach 7,000 square feet. Each residence will have spacious balconies.
Kitchens will offer Italian cabinetry and high-end Sub-Zero and Wolf appliances. Master suites will include spa-style bathrooms with floating European vanities, soaking tubs and designer faucets and fixtures.
Sales for 327 Royal Palm are handled exclusively by Premier Estate Properties, a luxury brokerage firm presenting properties exclusively in excess of $1 million. The sales center is located at 800 E. Palmetto Park Road in Boca Raton.