Royal Palm Residences developer Group P6 scores $69M construction loan
Group P6, a development company led by Ignacio Diaz and Jose Padua, just closed on a $68.5 million construction loan for its latest project in Boca Raton, Royal Palm Residences. The non-recourse loan features full-term interest-only payments and was secured from CIM Group, according to a press release from Meridian Capital Group, who arranged the deal.
Tucked away in a quiet and serene enclave above the most premier address in Boca Raton, the Royal Palm Residences launched sales earlier this year and is already more than 40 percent presold. Designed by RLC Architects, construction is by Suffolk Construction and the interiors are by Zelman Style Interiors.
48 luxurious boutique residences ranging from three to five bedrooms will offer panoramic views of the world-famous Boca Raton Resort & Club’s pristine green fairways to the gorgeous turquoise waters of the Atlantic Ocean. Replete with private elevators, oversized terraces, and smart-home technology, there are only two units per floor priced from $1.75 million to $7 million and 2,425 square feet to 7,168 square feet. Additional amenity perks include a pool, spa, and clubroom, as well as two assigned garage spaces.
The incomparable location in Boca Raton is direct across the street from the city’s most upscale retailers and restaurants at Mizner Park’s open-air shopping plaza, including the famous TrattoriaRomana. Enjoy arts and entertainment? Catch a live concert at the historic The Heart of Boca Raton Count de Hoernle Amphitheatre. There is also a highly anticipated 6-acre, multi-million dollar waterfront park planned nearby.
Royal Palm Residences continues to attract local and international buyers seeking the paradisal and leisurely quality of life South Florida has to offer. From world-class golf at Boca Raton Resort & Club, yachting along the Intercoastal Waterway, or relaxing on the iconic white beaches, the desire for luxury lifestyle – not to mention recent tax law changes – has brought retiring baby boomers and relocating Northeasterners to Palm Beach County in record-breaking numbers this year.