The developer of the Glass House Boca Raton, the first modern glass building in downtown Boca Raton, closed on $9 million in early work development financing for the nine-story residential development.
280 E Palmetto Park Road LLC inked the deal with Maxim Capital. Arrow Real Estate Advisors, a real estate finance advisory firm, brokered the loan with Morris Betesh, the founder and managing partner, Morris Dabbah, the senior vice president, and Louis Halperin, an associate, securing the capital required to build the underground parking garage, which will pave the way for vertical construction by the end of the summer. The project officially broke ground earlier this month.
“We are very pleased to have entered a loan agreement with Maxim Capital with the help of Arrow Real Estate Advisors for the early work development financing for Glass House Boca Raton,” said Noam Ziv, CEO and partner of 280 E Palmetto Park Road, LLC, in a statement. “This $9 million loan will bolster Glass House to continue toward its many milestones. This intimate luxury residential development is certain to be a luxury icon in the heart of Boca Raton.”
The 28-residence building is slated for completion in the second quarter of 2027.
“The financing of Glass House showcases Arrow’s commitment to providing clients with best-in-class capital markets expertise,” said Arrow Real Estate Advisors’ Betesh. “We worked closely with both the sponsor and lender to structure a tailored financing solution that ensures the development timeline stays on track and positions the project for long-term success. We’re proud to play a part in bringing this exceptional project to life and are grateful to the sponsor for entrusting us with the assignment.”
Spanning 2,504 to 3,865 square feet, the residences at Glass House Boca Raton feature high ceilings, private terraces ranging from eight to 12 feet in depth, spa-inspired primary bathrooms with dual-sink vanities, and spacious walk-in closets. There are two- to four-bedroom residences. The smart home-ready residences are designed with European cabinetry, man-made stone countertops, backsplashes, islands, and a state-of-the-art appliance package.
The development’s 10th-level rooftop deck offers ocean, Intracoastal Waterway and golf course views and includes a premier private pool, Jacuzzi, private cabanas, an outdoor catering kitchen with a BBQ and a fire pit lounge.
Amenities on the first floor include a plunge pool, a state-of-the-art fitness center with outdoor turf lanes, a sauna and a steam room, and a residents-only Palmetto Lounge, offering demitasse and a tranquil space to meet privately.
Douglas Elliman Development Marketing is the exclusive sales and marketing team for Glass House Boca Raton. Pricing ranges from $2.6 million to more than $7 million.
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