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Boca Developers has closed on a $275 million financing facility from Blackacre Institutional Capital Management LLC. This facility will be utilized in projects currently under development with sales in excess of $2.7 billion. The company's portfolio comprises more than 16,000 residences with a total value of approximately $9.5 billion. "In spite of most financial institutions becoming much more bearish about condominium projects and their developers, we were very encouraged by the responses we received from prospective financial institutions," said Brian Street, the co-founder of Boca Developers. "Ultimately, we decided to partner with Blackacre, which brings its vast real estate investment experience and global financial resources to bear for all our properties." "We are extremely pleased to provide financial backing and support for a company with such an impressive track-record of success," said Tom Arnold of Blackacre. "We look forward to building a strong, long-term relationship with Boca Developers." In addition to the $275 million financing facility from Blackacre, Boca Developers has secured more than $1 billion in acquisition and development financing from domestic and international financial institutions within the past two years. About Blackacre Institutional Capital Management LLC Blackacre is the real estate investment arm of Cerberus Capital Management, L.P., one of the world's leading private investment firms. Founded in 1994, Blackacre is an industry leader in assembling complex equity and debt financing for real estate transactions in a broad range of industries. Blackacre has an outstanding track record and a demonstrated ability to perform well for investors and partners in a diverse array of market conditions. About Boca Developers Founded in 1992 by Brian Street, James Cohen and Ray Nicholson and headquartered in Deerfield Beach, Fla., Boca Developers is the most prolific privately held developer of unique waterview communities along Florida's eastern seaboard. Current properties include Peninsula I & II and Hamptons South in the city of Aventura; Orchid Beach in Deerfield Beach; 400 Beach Street in Daytona Beach; Marina Grande properties in Daytona Beach, Riviera Beach, North Miami Beach and Key Largo; and Biscayne Landing, a 6,000 unit master-planned community in North Miami.
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Additional information is available by calling 954-418-0208 or visiting www.bocadevelopers.com.
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