ORLANDO-The Miami office of Holliday Fenoglio Fowler LP went overseas to find the best financing for Boca Raton condo converters Ashkenazy & Agus Ventures LLC. The converters then closed on the $27-million, 28-acre purchase of 238-unit Courtney Place, now Sunset Lake, within the MetroWest mixed-use community in southwest Orlando.
HHF senior managing director Robert A. Kaplan and senior analyst Mark Rutherford orchestrated the senior and mezzanine debt for Ashkenazy & Agus. The Anglo-Irish Bank in Dublin provided the funding. The loans are each for two years with adjustable rate terms. Kaplan would not disclose the interest rate but tells GlobeSt.com the projected individual sale price of the converted units is under $200,000.
The developer purchased seven-year-old Courtney Place from Hawthorne, NY-based GDC Properties Inc. Greg Engler, president, Engler Financial Group LLC in Alpharetta, GA negotiated for GDC. The one-, two- and three-bedroom apartments in the 17-building, two-story property at 4300 South Kirkman Rd. are 95% leased. The units average 1,036 sf of living area.
Kaplan says Ashkenazy & Agus has a 25-year history and has closed on more than $10 million sf of acquisitions valued over $1 billion. HHF arranged financing for another Ashkenazy & Agus property earlier this year. "Meadows on the Green was an excellent example of the short of success we expect to see with Courtney Place," Kaplan says. "Ninety-five percent of the units were sold out in two months and projected gross sales were considerably higher than initially anticipated."
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