ORLANDO-Two area condominium ventures have received a total $87.81 million in acquisition and conversion financing from Chicago-based Corus Bank, a subsidiary of Corus Bankshares Inc. The bank has done about $300 million in loans in Central Florida over the past 12 months.
The Illinois bank is providing Miami developers Daniel Rotenberg and Gavriel Naim of Beach Hill Development LLC and Michael Puderbeutel of Parkstone Properties $45.2 million for their 364-unit, 362,000-sf enterprise at 2510 Robert Trent Jones Dr. in the MetroWest submarket in southwest Orlando. The property is located along an 18-hole championship caliber golf course.
Corus Bank senior vice president Brian Brodeur declined GlobetSt.com's request to disclose loan terms and other financing details. However, area brokers familiar with comparable recent area financing deals tell GlobeSt.com the interest rate on the estimated two-year loans was under 6%. The Beach Hill project is about 95% occupied, Brodeur confirms. The financing package took four weeks to complete. This is Corus Bank's first transaction with the borrowers.
In the second transaction, Corus loaned Orlando Plantation Park LLC, an affiliate of Chicago-based American INVSCO, $42.61 million to finance the acquisition and conversion to condominiums of the 320-unit, 316,770-sf Plantation Park at Little Lake Bryan apartment complex. The property has 13 two-story and three-story buildings and is less than a mile from the Walt Disney World attraction.
In a prepared statement, Corus president John Markowicz says the loan package is the bank's 14th deal with American INVSCO and the fourth transaction in the past 12 months. "Corus was able to provide American INVSCO with a non-recourse loan with no pre-sale requirement, based on the bank's extensive knowledge of the Florida housing market, as well as our experience with condo conversions in the Orlando area," Markowicz says. He declined a GlobeSt.com request to provide loan terms and other details on the financing package. However, area mortgage bankers tell GlobeSt.com the loan was probably for two years at an interest rate under 6%.
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