Primary Capital Rings Up $191M

Another source, the 12-year-old Central Florida Commercial Real Estate Society, has recognized Cohen's efforts by naming him the Overall Top Producer in Mortgage Lending for 2004. "Todd has accomplished in one year what many of us work a lifetime to achieve," says Steve Moreira, the real estate society's president.

Cohen is director of the Orlando office. Chris Larkin is the manager. The office closed 13 deals in the past 12 months.

Two new transactions involved a $9.9-million acquisition and development loan for 19 Old Florida Yacht Club luxury townhomes on the Intracoastal Waterway in Ponce Inlet and a $15.8-million bridge loan for the acquisition and $5-million renovation of the 204-unit Stratford Square Apartments in Winter Park. ZMG Corp., a subsidiary of Hersh Reconstruction Cos. Inc. in suburban Longwood paid $12 million, or about $58,824 per unit, for Stratford Square. ZMG expects to invest another $4 million in converting the apartments to condominium units, area brokers following the condo conversion market tell GlobeSt.com. The property is across from the Lake Howell Plaza shopping center and west of commercially heavy State Road 436.

"We were able to structure both of these interim loans at 90% of all acquisition and development costs, which resulted in limited cash outlays from the developer," Cohen tells GlobeSt.com. "This will allow my clients to conserve cash for that next great deal."

Cohen remains bullish on the condo conversion market here. "Based on what we see happening in the marketplace, multifamily investments should remain in favor as we move throughout the year," the broker tells GlobeSt.com. "This sector is extremely resilient, since apartment investors can easily and quickly spread their portfolios and investment size by primary market, submarket and demographics."

Cohen is confident "the condo conversion phenomenon experienced [in Orlando and throughout the Southeast] in the last 24 months should continue at least for the next few years and help the apartment market, although there are, of course, skeptics that feel the need to be heard.

"For the record, I am not one of those, as I continue to aggressively pursue competitive condo conversion financings." He predicts "2005 should be a strong year as the economy continues to grow and the job market gets stronger. What does this mean to us here in Florida? We are, again, a leader in the nation for job gains over the past 12 months, with Orlando consistently enjoying the strongest growth."

The broker adds, "More good times are ahead."