FORT MYERS, FL-Miami-based Puig Development acquired Riverbend, the 10-building, 240-unit, garden-style rental apartment complex at 2825 Winkler Ave., for condo conversion. In his third deal in a row with Puig, Howard Taft, a managing director of the Miami office of Chicago-based Cohen Financial, arranged financing for the acquisition and conversion.
The financial package totaled almost $17.9 million and included "just under $2.2 million in mezzanine financing behind a new first mortgage of approximately $16.7 million," Taft tells GlobeSt.com. He says the lender is a finance company, but declined to identify the company and specific terms of the loans.
The total cost of the acquisition and conversion is about $20 million, according to Taft, which represents about $83,333 a unit. The identity of the seller is undisclosed.
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