ST. PETERSBURG, FL-A South Florida investment group purchased a condominium conversion property in this Gulf Coast city with two loans crafted for 85% and 92% of the purchase price. Hudson Capital LLC bought the 384-unit, 24-building Waterford Apartment Homes here for an estimated $37 million with $32.1 million in financing.

Hudson partners Andrew and Neil Greenbaum, Seth Frohlich, Abraham and Eric Galbut acquired the garden-styled property at 10263 Gandy Blvd. from the $105-billion California State Teachers Retirement System (CalSTERS) of Sacramento, CA, the second largest pension fund in the US next to its sister fund, the $150-billion California Public Employees Retirement System (CalPERS).

The 32-acre property has one-bedroom and two-bedroom units which average 849 sf per unit. The property is near Interstate 275 and two international hotels in the Tampa Bay area.

New York-based Walden Capital Corp., a private equity firm, provided a mezzanine loan at 92% of the asset’s cost. Merrill Lynch Capital provided a three-year adjustable rate senior loan for 85% of the cost.

The Miami office of Holliday Fenoglio Fowler LP arranged the financing but declined to disclose the purchase price or the interest rates involved in the two loans. Area brokers familiar with local apartment-condo conversions tell the property generated a per-unit price of about $96,354.

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