The complex, located on about 7.3 acres, was completed in 2001and contains only two-bedroom, two-bath units, which average about1,045 per sf and rent for approximately $1,000 a month. "The unitsare the ideal size for condo conversion," Rosendo Caveiro, directorof Cushman & Wakefield's South Florida apartment brokerageoperations, tells GlobeSt.com. He and Brad Capas, C&W's seniordirector, represented Miami-based Poinciana Developers in marketingand selling the property.

"It's a solid class A property in excellent condition," Caveirosays. "Every prospective buyer fell in love with it, and some mayhave stretched [to exceed the asking price]. But it had an uglyloan with rates materially above market rate, a lockout provisionthat precluded prepayment until May and a sizeable prepaymentpenalty. Since the property is to be converted to condominiums,assumption of the loan was not a viable option. Condo converterslike simplicity."

Caveiro credits BF with the sophistication and resourcesnecessary to complete this complicated transaction. "The buyer wentahead with significant non-refundable deposits very early," hesays. "The deal was cut last fall, even though it couldn't beclosed until now, because of the loan."