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MIAMI-GE Capital is funding the $100 million acquisition and conversion of the 36-story, 399-unit Waverly at South Beach apartment tower with a senior debt loan of $78.78 million.

Athena Karlton SOBE LLC is buying the south Miami Beach property from Orlando-based ZOM South Beach Ltd. to convert the units to condo homes. The Athena Group of New York and the Karlton Cos. of Miami Beach are the buyers.

The occupancy and projected price range of the condo units weren’t disclosed in a prepared statement from Holliday Fenoglio Fowler’s Miami office which arranged the financing. Holliday’s Robert Kaplan, Manny de Zarraga and Ike Ojala participated in the funding program.

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