We advised El Ad Group on the financing

Davis Polk advised subsidiaries of El Ad Group, Ltd. on obtaining an approximately $52 million inventory loan from Deutsche Bank AG, New York Branch. The loan proceeds will be used to pay off El Ad’s existing construction and preferred equity financing and fund the completion of construction, marketing and operation of approximately 32 luxury residential condominiums at El Ad’s Alina Residences in Boca Raton, Florida.

El Ad’s Alina Residences are a newly constructed luxury residential condominium located in Boca Raton, Florida. The Phase I portion of the Alina Residences consists of a nine-story condominium tower with approximately 121 residential condominiums along with 9,520 square feet of indoor amenities, 35,993 square feet of an amenity deck and approximately 111,634 square feet of parking. Following completion of the Phase I project, El Ad intends to commence the development of the Phase II portion of the Alina Residences, which will be comprised of 145 additional luxury residential condominium units.

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 Jaclyn Katz and Ben Somogyi. All members of the Davis Polk team are based in the New York office.