Newmark Arranges PGIM Floating-Rate Financing for Grand Peaks Properties' 448-Unit Boca Raton Multifamily Community

Newmark has arranged a floating-rate loan from PGIM on behalf of Grand Peaks Properties Properties for The Seven at West Boca, a 448-unit multifamily community located at 10235 Boca Entrada Boulevard in Boca Raton, Florida, the firm announced June 16, 2026.

The financing was secured by Newmark Senior Managing Director Danny Matz, Associate Roberto Salcedo, Vice Chairman Matthew Williams and Vice President Robert Wright following what the firm described as a broad and competitive marketing process that included banks, life companies and agency lenders. PGIM was ultimately selected as lender based on a combination of proceeds and pricing relative to alternative executions.

Transaction Background and Asset Profile

Grand Peaks Properties acquired The Seven at West Boca in 2024 and has since driven rent growth and operational performance at the property. With the existing loan approaching maturity, the sponsor evaluated multiple execution options across capital sources before selecting PGIM.

The Seven at West Boca sits on a 36.84-acre site and was constructed in 1988. The property comprises six two- and three-story residential buildings, a clubhouse and a maintenance building. The 448 apartment homes average 883 square feet and are supported by an amenity package that includes two swimming pools, a fitness center, barbecue areas, tennis courts and a playground.

The property offers regional connectivity via I-75, I-595 and the I-95/I-195/I-395 network, providing access to employment centers across Palm Beach, Broward and Miami-Dade counties. The immediate trade area includes a Walmart Supercenter within one mile and proximity to employers including NextEra Energy, Hospital Corporation of America and Publix.

Competitive Process Drove Favorable Terms

Matz noted that the wide lender marketing process produced pricing well below initial indications and secured an earnout provision for the borrower.

"This transaction is a strong example of what a disciplined, wide market process delivers for a sponsor," Matz said. "Competition among institutional lenders drove pricing well below initial indications and unlocked a meaningful earnout provision — all on a 1988-vintage asset where lender appetite varied widely. The result speaks to both the quality of the sponsorship and the depth of the market for well-positioned value-add multifamily in South Florida."

The specific loan amount, leverage level and interest rate were not disclosed.

Market Context

According to Newmark Research, U.S. multifamily fundamentals in the first quarter of 2026 remained supported by sustained demand and tightening supply dynamics. Absorption reached 93,277 units during the period — approximately 40% above long-term averages — while new deliveries declined more than 50% from late-2024 peaks. Elevated mortgage rates and affordability constraints have continued to channel households into rental housing, sustaining leasing demand even as inventory growth moderates.

About the Parties

Newmark Group, Inc. (Nasdaq: NMRK) is a commercial real estate services firm. For the twelve months ended March 31, 2026, Newmark generated revenues of more than $3.4 billion. As of that date, Newmark and its business partners operated from over 185 offices with more than 9,600 professionals across four continents.

Sources

Newmark Press Release: Newmark Arranges Financing for 448-Unit Multifamily Community in Boca Raton, Florida (June 16, 2026)