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HOLLYWOOD, FL-Bucking the condo conversion trend, Maxx Properties has obtained $43 million in refinancing for the 388-unit Windsor Apartments on 31.3 acres at 911 S Park Rd. and will maintain it as a rental asset.

“Windsor Apartments has maintained a very strong occupancy for many years,” says Marc Samplin, VP and CFO of Maxx. “Even with the condo craze in South Florida, we decided that the property is just too valuable to sell and will be a long-term hold for us.”

The property, which was built in 1997, is 98% occupied. It consists of 12 two- and three-story buildings with one-, two- and three-bedroom units ranging from 890 sf to 1,356 sf. Amenities include a bowling alley, clubhouse, various sports courts and two pools. Samplin tells GlobeSt.com the current rental rates average between $1,100 and $1,400 a month.

Robert Delitsky, a managing director in the New York City office of Holliday Fenoglio Fowler, obtained the 10-year, fixed-rate loan through conduit lender Barclays Capital. “Maxx closed its previous loan in 1999,” Delitsky tells GlobeSt.com, “and obtained a better rate and more term.” He declined to disclose the rate. “The asset is very stable and allowed the borrower to take advantage of a very, very strong rental property and market here.”

Maxx is an affiliate of Mamaroneck, NY-based Wiener Cos., a family-owned company with multifamily holdings aggregating more than 17,000 units in New York, Florida, Colorado, Utah, Nebraska, Arizona and Nevada. This is one of three loans, totaling in excess of $100 million, the company has obtained through Delitsky from Barclays in the past three months. The others are for Fox Fire Apartments in Colorado Springs and Polo Club Apartments in Las Vegas.

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