Senior director Robert Kaplan of the Miami office of Holliday Fenoglio Fowler LP, a national commercial mortgage banking firm, arranged the two-year, adjustable-rate acquisition, renovation and conversion loan on behalf of the developer, Karlton Properties, through Ohio Savings Bank. Kaplan also arranged a mezzanine loan for the developer through Fidelity Investments.
The total acquisition and project cost is expected to be approximately $45 million. Condo prices range from $190,000 to $500,000.
Karlton Properties, whose principals are Fredric N. Karlton, Daniel Rotenberg and Gavriel Naim, are currently focusing on new condominium and condominium conversion projects in South Florida.
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