Boca Developers' mixed-use project in North Miami cleared a major hurdle with a $233.5 Million credit facility with Credit Suisse of New York. The project is being built in several phases and the loan will be released over phases as the project is under construction. This portion of the financing will help build out roads and amenities that are associated with the various components of the project. These amenities include health clubs and parks that are associated with the hotel component. The deal is seen as a strong sign of the long term strength of the South Florida market.
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