Prospect bought the 251-unit, 12-year-old Arbor Club Apartments in suburban Pointe Vedra Beach, FL for about $101,594 per unit from an affiliate of locally based Vestcor Cos. The interest rate on the bridge loan is 2% over the London Interbank Overnight Rate. "That is a terrific rate and is what solidified the deal," Todd F. Cohen, Primary Capital's Florida manager, Income Property Capital Group, tells GlobeSt.com.

The lender's name was not disclosed because "the borrower wanted this to remain confidential," Cohen says. However, he tells GlobeSt.com the lender is "a US-based bank with a growing presence in Florida that Primary Capital has a relationship with." The mortgage banker adds, "That gave the borrower comfort."

Arbor Club Apartments, adjacent to the Tournament Players Club at Sawgrass Resort, is being converted to condominiums that will start in the low $100,000s and average $150,000 per unit, Cohen says.

"The acquisition and construction financing package that was structured will allow people to purchase at very attractive prices compared to other condo projects in the area," he says. "With residential mortgage rates (still) at low levels, the homebuyer's mortgage payment could be less expensive than rent at many of the area apartments."

Prospect Group and local development partners are currently renovating, converting and selling two other projects in the Southeast, including La Costa Brava condominiums in Downtown Orlando.