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POMPANO BEACH, FL-Private individuals affiliated with Palmetto States Properties Inc. have obtained nearly $4.4 million in financing to acquire, renovate and convert two apartment complexes here to for-sale projects.

Shannon Rex of Dockerty Romer & Co., a full-service commercial mortgage banking and real estate brokerage firm, arranged the permanent mortgage financing and construction revolver from Fidelity Federal Bank & Trust Co. The apartment projects, both of which are located in infill locations, have a total of 37 units. For each project, the financing was structured with one mortgage and an A/B note.

Manor House Apartments, is a 25-unit mid-rise development near the beach. The other project, Pine Drive, consists of 12 units. It is located on a waterway just east of Federal Highway and south of Atlantic Boulevard. The developer expects the conversion of both complexes to take 18 to 24 months with sales expected to be north of $200 per sf.”These transactions represent the growing trend in converting apartment projects to for-sale housing,” Rex says. “Since the supply of land is extremely tight, developers are converting apartments capitalizing on the booming market in South Florida.

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