The impetus for creation of Union Equity's new lending division comes from the growth of commercial condominiums in downtown areas nationwide, particularly in South Florida, according to Michael Anthony, CEO. "Once again South Florida seems to be leading the nation in terms of innovative real estate opportunities," he says. "Commercial condos are selling rapidly, but financing can be tricky because they fall outside of traditional banking matrixes. Solid business owners, including attorneys and physicians, have found it difficult to find financing through traditional sources. We intend to fill that gap."
The new division will focus on low loan-to-value ratios and quality projects, he says. Applicants may be required to put between 20% and 25% down on a property in order to qualify, and "rates and terms will be flexible to accommodate a variety of circumstances and property types."
Meanwhile, Abood Wood-Fay Real Estate Group opened an additional office at 1900 NW Corporate Blvd. in Boca Raton. Donna Abood, CEO, says, "this expansion of our firm has been well thought out and planned to correlate with South Florida counties merging into one region."
Across the state, VIP Commercial, which also has offices in Bonita Springs and Naples, becomes the fourth Florida company to join the TCN Worldwide network. It reported nearly $300 million in gross transaction volume in 2003 and has more than two million sf of property currently under management. Pamela VanVleck, broker and managing director, says the alliance will give VIP an edge in "an increasingly competitive commercial market. We will now be able to expand into an even wider territory from Manatee County to Collier County."
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