Montecito obtained a $32.4-million loan from Chicago-based Corus Bank for the acquisition and conversion, but the sum does not represent the full acquisition price. Seth J. Hewitt, AVP of Corus, structured the non-recourse loan. He also declines to disclose the terms but says the loan was underwritten and closed less than a month after receipt of the signed application. "We've been quite active in South Florida," he says, "and this is our second transaction for Montecito."
The building was completed in 2003 and offers views of Clear Lake on one side and of Downtown and the Intracoastal Waterway on the other. The property also contains a four-story parking garage with space for up to 272 cars.
Units in the gated apartment complex have balconies and in-unit washers and dryers. The building also contains a fitness center and pool. Currently listed rental rates for one-bedroom, one-bath units begin at $1,270 per month, and rates for two-bedroom, two-bath units start at $1,615 per month.
Montecito has six additional condo properties in Florida. They are Waterford in Palm Harbor, Ocean Trace in Juno Beach, Las Palmas in Sarasota and St. Augustine, the Preserve on Anastasia Island, and the Venetian in Jacksonville.
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