MIAMI-Locally based Hudson Capital has obtained a $30-million financing package to buy the 137,000-sf office building at 4770 Biscayne Blvd. and convert it to office condos. The building, also known as Bay Point Office Tower, was constructed in 1982 and renovated between 2003 and 2004.

The seller was an unidentified private entity, and the price tag for the acquisition was undisclosed. The funding includes a $25-million, 18-month, adjustable senior loan and a $5-million, two-year mezzanine loan. Robert Kaplan, senior managing director, and Mark Rutherford, real estate analyst in the Miami office of Holliday Fenoglio Fowler, arranged the entire package. Overland Park, KS-based Principal Commercial Acceptance provided the senior loan, which will be serviced by HFF, and the mezzanine component was placed with a New York City-based private mezzanine fund.

Rutherford tells GlobeSt.com the property is currently 92% occupied. "The selling price for condo units," he says, "is in the approximate range of between $325 per sf and $350 per sf."

Hudson moved its headquarters into the building. The company's principals are Abraham Galbut, Andrew Greenbaum, Seth Frohlich, Neil Greenbaum and Eric Galbut. The five-partner firm has completed several residential condo conversions and has mixed-use developments completed or under way in Florida, Chicago and the New York metropolitan area. This June, with $152 million in funding from the same HFF team, Hudson paid $145 million for Aventine at Miramar, an 848-unit multifamily asset on nearly 67 acres in Miramar, which it converted to residential condos.