ROYAL PALM LAKES, FL-Ashkenazy & Agus Ventures LLC has obtained financing of just more than $42.7 million to buy Courtney Village, a 232-unit multifamily rental complex, and convert it to for-sale condos. This is the company's second Florida multifamily acquisition from Hawthorne, NY-based GDC Properties within a month.

Robert Kaplan, senior managing director, and Mark Rutherford, senior real estate analyst in the Miami office of Holliday Fenoglio Fowler, arranged the Courtney Village financing package through Dublin-based Anglo Irish Bank--the same HFF team and lender that funded the Boca Raton-based condo converter's Nov. 10 buy of Courtney Place in Orlando. The Courtney Village financing consists of a $35.6-million, two-year, adjustable-rate, senior loan and a $7.1-million, two-year mezzanine loan.

Rutherford tells GlobeSt.com the funding represents a 90% loan-to-cost ratio, which would put the converter's overall cost at just under $47.5 million, or about $204,660 a unit. The property is located on 20 acres at 10380 Fox Trail Rd. S, just west of US Highway 441 near West Palm Beach. It consists of 17 two-story buildings containing one-, two- and three-bedroom units averaging 1,030 sf.

The complex was built in 1999, according to Rutherford, and is 95% leased. The published rental rates begin at $955 a month for a one-bedroom unit and at $1,375 a month for a three-bedroom unit. Condo pricing is not yet available.

According to Kaplan, "condominium demand is Florida remains strong." He says HFF worked with Ashkenazy & Agus, which also has offices in New York, on its acquisition of Lincoln Meadows, "a comparable property in Boynton Beach, a couple of months ago, and more than 95% of the units sold out in two months and the gross sales were higher than anticipated."