El Ad Group $100 million bridge loan for Boca Raton development
We advised El Ad Group on the financing
Davis Polk advised subsidiaries of El Ad Group, Ltd. on obtaining a $100 million bridge loan. The loan proceeds will be used to pay off existing indebtedness, to fund a portion of the construction of Phase Two of El Ad’s Alina Residences in Boca Raton, Florida, and for other general corporate purposes.
El Ad’s Alina Residences are a newly constructed luxury residential condominium located in Boca Raton, Florida. The Phase Two portion consists of Alina 210, a nine-story building with 30 residential units and a suite of exclusive indoor and outdoor amenities, and Alina 220, a nine-story building with 152 residential units and almost 19,000 square feet of indoor and outdoor amenities. The project is expected to be completed in the third quarter of 2024.
El Ad Group, a real estate investment and development company, is part of the Tshuva Group of Companies controlled by Isaac Tshuva, an Israeli businessman. El Ad is actively involved in residential and commercial developments in prime U.S. and Canadian markets with a portfolio of completed and current developments that include the acquisition, restoration and condominium conversion of the Plaza Hotel and the development of One West End, a luxury condominium project on Manhattan’s West Side.
The Davis Polk real estate team included partner Michael J. Rishty and associates Elizabeth A. Case, Nicholas Soilleux, Ben Montgomery and Jack Goldbrenner. All members of the Davis Polk team are based in the New York office.