NAPLES, FL-Equipped with a loan of just under $42.8 million, Summer Wind 368 Delaware LLC has acquired Summer Wind Apartments for condo conversion. The complex, located at 5301 Summerwind Dr., consists of 46 two-story buildings containing an aggregate of 368 residential units. The buyer is identified only as a partnership of three companies based in Florida.
Corus Bank, a subsidiary of Chicago-based Corus Bankshares Inc, provided the financing. Chris Barkidjija, Corus VP, says this is his company's third loan with an affiliate of this borrower. He says the bank's relationship with the borrower, "along with the borrower's experience in converting apartment communities to condominiums and the strong Naples market," allowed Corus to meet the borrower's timeline for closing in less than 30 days after receipt of the application.
Both Barkidjija and Kent Shafer of Corus declined to identify the buyer. Shafer tells GlobeSt.com that three of the people associated with this loan had partnered in one recent project and two had participated in a third with Corus.
On condition of anonymity, a multifamily research specialist in the South Florida market tells GlobeSt.com the buyers were affiliated with Miami-based BF Group and Prestige Builders Partners, an associate company consisting of some of BF Group's principals. Calls to BF and Prestige were not returned by deadline.
While the majority of Miami-based BF and Prestige acquisitions have been on the southeast side of the state, affiliates of the companies acquired Bryn Mawr Apartments here this May and earlier this year also acquired Gateway Country Club and Colony Place Apartments in Fort Myers.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.