(Read more on the debt and equity markets andthe multifamilymarket .)
HALLANDALE, FL-Locally based SunVest Communities USA LLC hasreceived a $35-million loan to refinance and acquire existingsenior and mezzanine debt collateralized by more than 2,100multifamily units with 12 condominium conversion developments inFlorida, Arizona and Nevada. The financing was provided by BeverlyHills, CA-based Canyon Capital Realty Advisors.
This is the first loan Canyon has provided SunVest, whichacquired the properties during 2005 and 2006, and renovated andconverted the units from apartments to condominiums. Sincecompletion of the condominium conversions, more than 50% of theunits have been sold. The remaining units are currently beingoffered for sale or lease.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
