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MIAMI-West Isle Club owners Robert Rohdie and Alan Ginsberg are refinancing their 13-year-old, 192-unit Key West, FL property with a $15 million loan from Atlanta-based Union Capital Investments.

The 10-year loan carries a 6.6% interest rate amortized over 30 years and has a loan-to-value ratio of 74.15% and a debt service coverage of 1.37%. Occupancy has been averaging 98%.

“Key West is a very unique area because these units are always occupied,” Union Capital president Collins Powell tells Globest.com.

“It’s a class B property but getting higher rents than class A properties because there’s no more land for development on Key West.”

Union Capital and First Florida Realty’s Corp.’s Neil Thadany negotiated the deal through SouthTrust Bank. Rohdie and Ginsberg have spent $950,000 on the property in the last five years with repairs and maintenance, Powell says.

West Isle remains one of the few family-unit apartments in Key West because of scarcity of building permits.

In 1992. Monroe County, FL passed a Rate of Growth Ordinance, limiting building ordinances to 250 spread throughout the county.

Since that ordinance came into effect, construction has dropped in Key West, from 30% during the 1980s to 3% during the 1990s, according to county statistics.

Key West has the highest cost of living in Florida and is the fourth most expensive housing market in the nation, according to published data. The average price of a new single-family home is $307,000.

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