Robert Kaplan, managing director, and Mark Rutherford, senior real estate analyst in the Miami office of Holliday Fenoglio Fowler, arranged the funding through HSBC Bank. It is for two years at an undisclosed fixed rate.
Kislak is using the loan to pay off $18.2 million in existing Freddie Mac debt on the property and fund its conversion. Kaplan also arranged the initial acquisition funding when Kislak acquired the property in November 2003. According to published reports, the privately held owner of multifamily and other commercial real estate properties, paid $26.7 million for Colonnades.
Hollywood-based Kirschner Realty International is marketing the condos. At the closing of the loan, 90% of the units were under contract. Sales prices range from the mid-$100,000s to the high $200,000s. There are five floor plans, encompassing one-, two- and three-bedroom units and townhouses. The complex is located on a 20.2-acre site surrounding a lake at 701 NW Terrace, just west of Fort Lauderdale.
"Until recently, condo conversions in Broward County have been limited to waterfront or downtown properties," says Kaplan. Kislak, a first-time condo converter, "is a pioneer in its plans so far west in Plantation," he adds.
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