First Union Bank is the lender. The transaction was negotiated by First Union's Gary Fitzgerald, vice president of real estate financial services. Ocean III is scheduled to break ground by the end of this month.
Ocean III will have residences of up to 3,900 sf and priced from the high $400,000's to $2 million. More than 80% of the 215 units are already sold, the developer says in a prepared statement.
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