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BOCA RATON, FL-In partnership with GE Commercial Finance Real Estate, Morris Stoltz, head of locally based Stoltz Cos., has bought Coral Harbor Apartments for $105 million, or about $233,333 a unit. The JV plans to invest $8 million in upgrades to the 47-building, 450-unit property and convert it to for-sale condos, priced at between $235,000 and $400,000.<p. The 30-acre complex is located on Broken Sound Golf Course at the intersection of Clint Moore Road and Military Trail. It contains seven different floor plans of townhomes and one- and two-bedroom units ranging from about 800 sf to 1,500 sf. The complex was built in 1987 and occupancy is at the mid-90%-level.

The partnership will rename the community Mizner Court at Broken Sound. The upgrades include new countertops and appliances in units along with total renovation of the clubhouse, two pools and tennis courts and construction of a new manned gatehouse. “Work will start immediately and be complete, except for the gatehouse, in January 2006,” Stoltz tells GlobeSt.com.

Financing and equity structure for the acquisition was arranged by Mel Roth of International Mortgages & Equity Advisors, which has offices in South Florida and North Carolina. Roth tells GlobeSt.com, “the funding consisted of a $104-million loan from Credit Suisse Boston, which included mezzanine financing; approximately $15.4 million in equity from GE, and $3 million from Stoltz, to provide for not only the acquisition and upgrading, but also to cover sales commissions and associated costs. The barrage of media talk about bubbles has made it difficult to get investors to understand the unique character of Boca Raton,” he says, adding, “GE did an outstanding job in making this transaction take place within 50 days.”

Richard Donnellan Jr. and Kevin Judd of Apartment Realty Advisors represented the seller, Rreef Real Estate. Rreef is an affiliate of DB Real Estate, which is a member of Deutsche Bank Group. Fred C. Cohen, David B. Norris and Brent G. Wolmer of the Cohen, Morris, Scherer, Weinberger & Wolmer law firm represented Stoltz. Century 21 Luxury Homes, which is a Stoltz affiliate, and Kirschner International Realty will market the units. Paul Dewey, relationship manager of GE’s partners group, says in a statement, “Given the constrained supply of quality properties in the Boca Raton market, we expect a very short sell-out period.” Roth predicts a $160-million sellout within the next six to nine months.

Stoltz has been involved in the development of more than 4,000 condos, apartments and homes. He was a principal in the nine-acre One Miami development in Downtown Miami on Biscayne Bay, which is currently being developed to contain more than 3,000 condo units along with retail and office space.

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