ORLANDO-The apartment life of Grandeville on Delaney, a 37-year-old, eight-building, 90-unit community on 3.1 acres in the Lake Copeland Historic District Downtown has ended and the property is embarking on a new challenge as a condominium complex.

The owner, Grandeville in Delaney Ltd., is investing $2 million in the conversion. Mark Kinchia, president, Winfield Construction Co., is a part owner in the venture.

The property’s new name is Lakeside at Delaney Park with asking prices of $100,000 to $350,000 per unit at the five-story complex at 1100 South Delaney Ave. The average price is expected to be about $160,000 per unit, Robert E. Smith, president, Smith Equities Corp., tells GlobeSt.com.

“At today’s low interest rate, this should be a great deal for renters,” says Smith. “When the tax benefits of home ownership are taken into consideration, the total cost of owning an apartment at Lakeside at Delaney Park may be lower than existing rents.”

The Orlando office of Atlanta-based Primary Capital Advisors arranged $9.9 million in bridge financing for the conversion and sellout of the property. Smith along with Todd F. Cohen, vice president and manager of the Florida operation for Primary Capital; Paul Guyet and Debbie Clark of Smith Equities participated in the transaction.

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