Partners pay $105m for apartments.
In one of the largest apartment acquisitions in Palm Beach County
history, a limited partnership lead by Skip Stoltz of the Stoltz
Companies of Boca Raton Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , with substantial equity participation by GE
Commercial Finance Real Estate, purchased the Coral Harbor harbor: see port. Apartments at
Broken Sound in Boca Raton.
The partnership paid $105 million to Rreef Real Estate for the
transaction. Located in the second highest average home price area in
Palm Beach County the property will be converted to condominiums.
Financing for the acquisition was arranged by International
Mortgages & Equity Advisors. It consists of a $104,000,000 loan from
Column Financial Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. and $18,000,000 in equity
from the GE and Stoltz.
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