The apartments to be converted for the condo project, Ironwood on the Green at Ferncroft, were built in 2003 by Intercapital Partners Ltd., a Chicago-based developer of luxury residential properties. Intercapital was the developer of the Belvedere at the Prudential, an 11-story, 61-unit luxury condominium, which fetches over $2 million per unit. Ironwood on the Green has sold nearly 40 units since early December.
The 30-month, floating rate loan was secured by David M. Douvadjian, executive vice president, and Thomas F. Welch, assistant vice president, at Meredith & Grew on behalf of Intercapital.
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