Hank Rodstein of H.R. says the partnership obtained a $13.3-million loan from Key Bank of Miami and $3.1 million in mezzanine financing from Sagecrest of Greenwich (CT). It plans to renovate and convert more than half, 86, of the units into condominiums, with condo sales kicking in come February 2005. Condo prices will begin in the $180,000s and range up through the $260,000s, a spokesman for H.R. tells GlobeSt.com. The units range in size from 600 sf to 1,100 sf.
Eight of the buildings are on East Bay Harbor Drive. They are East Chester North and South; Eastchester Pool; Annex; Electric; Pool Building; Mall North, South and West; Bayview, and Vogue. The others are East Chester West on 98th St. and Princess on 101st St.
H.R. has obtained more than $400 million in financing and real estate brokerage deals since the beginning of this year. It recently brokered the $140-million sale of 702-unit Bay Club in Aventura by Aimco to New York investor Joseph Chetrit, who plans to convert the rental community into condos. H.R. also secured $69 million in financing for the acquisition of Bonaventure Resort and Spa in Weston.
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