Holly Real Estate Investments LLC of Miami paid Tampa-based Wisco Inc. $111,111 per unit for the 100%-leased property. The deal was now—as are many such sales--because of "the condo conversion opportunity" for the buyer, Marshall Smith, executive vice president of Thomas D. Wood & Co., tells GlobeSt.com. Wood, a mortgage-banking firm, is based in Coral Gables, FL and has newly opened offices in Winter Park and Tampa.
Smith arranged the 18-month loan, which equates to 75% of total project costs. The interest rate will float over the 30-day LIBOR. The financing deal took 60 days to complete, from contract signing to closing.
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