Robert Kaplan, senior managing director, and Mark Rutherford, real estate analyst in the Miami office of Holiday Fenoglio Fowler, secured a $36-million senior loan and $6-million mezzanine loan through Anglo Irish Bank Corp. PLC to finance the acquisition and conversion. Both loans have two-year, adjustable-rate terms at undisclosed rates.
This represents Kaplan's 12th condo conversion financing deal this year. "A comparable condo property in the area sold out completely in only five weeks, and we predict a similar result with Lincoln Meadows given the favorable South Florida condominium market," he says.
The complex is a gated community located on 42 acres at 100 Meadows Circle, and the property contains two pools, two lighted tennis courts, a volleyball court, clubhouse, playground and jogging trail. It was renovated in 2004 and is 95% occupied. The one- and two-bedroom units feature screened porches or balconies and upscale appliances and amenities. Published rental rates range from $816 to $979 a month. Locally based Community Planning Associates and Century 21 Richard Realty will market the units for sale at prices that have not yet been determined.
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