Eric Inabinet with Capital Advisory Group tells GlobeSt.com that his firm recently provided owner Avenue Realty LLC with a $36.2-million condominium conversion bridge loan and a $10-million mezzanine loan on the Enclave Apartments at Greyhawk that will allow the developer to begin marketing the 900-sf to 1,600-sf, one- to three-bedroom units to buyers.

"It's as nice as you can get in an apartment building. It's probably one of the nicest assets in town," said Inabinet, who has partnered with Scott McPherson in the Capital Advisory Group, which funded developer, Magellan Real Estate's original construction loan. Inabinet said the complex is expected to generate between $73 million and $75 million when sold as condominiums.

David Dewar, a principal along with Ken Losch in both Magellan and Scottsdale-based Avenue Realty, tells GlobeSt.com that marketing of the condominiums, which are priced from $140,000 to $230,000, will begin later this year when his firm begins a "rent-to-own program" followed by a formal sales launch scheduled for early 2004.

Dewar said the property, designed as flats and townhomes, each with a garage, will be aimed at a spectrum of buyers, including second-home owners, investors and first-time buyers. "It will be very, very affordably priced in the North Scottsdale market, said Dewar, adding that the complex, built in 2000 near the Loop 101 and Scottsdale Road, is set in the Grayhawk community, laid out with an abundance of hiking trails and two 18-hole championship golf courses. The condos also feature two resort-style swimming pools, clubhouse with workout area and business center.

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