Dealmaker: Dockerty Romer Arrange $27M

Dockerty Romer & Co., Delray Beach Fla., arranged $27.1 million in condominium construction and acquisition-bridge financing funds.

Principal Craig Romer and Director Chris Romer arranged a $20.6 million construction loan for 111 First Delray, a 70-condo property in Delray Beach, Fla.

The subject property will include ground-floor retail, a pool with cabanas, a recreation deck and a covered open-air lounge abutting Delray’s historical district.

Dockerty Romer represented clients Manuel and Felipe Vergara of SOFA Partners. A joint venture of Trezz Capital Group and Forman Capital provided the financing.

Real Deal Miami reported the property will open in April 2019.

“Trez Forman Capital Group provided an excellent debt structure that will allow our client to execute on their business plan for this asset,” Craig Romer said.
In Hollywood, Fla., Principal Bob Dockerty and Director Nancy Dockerty arranged $6.5 million in acquisition-bridge financing for a flex/industrial center located at 2850 Greene Street. The currently vacant 60,000-square-foot building between Stirling Road and Sheridan Street has frontage along I-95.

Dockerty Romer & Co. represented Avid Asset Properties Hollywood LLC in arranging the short-term bridge financing from Ready Capital Structured Finance, New York.

“Ready Capital was able to close the loan within a short period of time, which was critical for the borrower’s business plan,” Bob Dockerty said. He noted Avid Asset Properties Hollywood acquired the asset through a 1031 exchange.