The Orlando office of Atlanta-based Primary Capital Advisorsarranged an approximately $6.6-million, interest-only, two-yearacquisition and construction loan at an interest rate of 2.5% overLibor from AmSouth Bank for the project.

The loan-to-value factor was 90% of all costs. The seller was aprivate owner who received about $36.73 per sf for hissingle-family home property at 2801 Hill St. The deal took only 90days to complete, from contract signing to closing.

Todd F. Cohen, Florida manager of Primary Capital's IncomeProperty Capital Group, tells GlobeSt.com the hard and softconstruction costs of the Wave "will be well above $200 per sf inall, due to the high level of finishings on the project." Averageliving areas are 1,800 sf to 3,000 sf on private floors. Occupancyis expected by year end 2005. Ocean Properties in New Smyrna Beachis handling sales.