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PALM BEACH GARDENS, FL-West Palm Beach-based Ceebraid-Signal Corp. refinances Union Square Apartments, a 542-unit complex at 4120 Union Square Blvd. with a $58-million loan. The owner gut-renovated the resort-style rental complex in 2003.

Carol Shelby, VP in the New York City office of Meridian Capital Group LLC, arranged the funding. Shelby declined to disclose the identity of the lender or the interest rate, but tells GlobeSt.com it is a five-year loan at a fixed rate. In addition, “it has a very flexible prepayment penalty,” she says. While that would allow the borrower the flexibility to either sell or convert the property without a high penalty, Shelby says, “this transaction was done as a straight rental.”

One-, two- and three-bedroom units in Union Square range from 770 sf to 1,300 sf and have screened-in porches or patios. The complex provides concierge service and contains a clubhouse, sports center, screening room, tennis courts and a theater among other amenities. Ceebraid-Signal, which also has offices in Stamford, CT and Freeport, NY, has converted several South Florida rental properties to condominiums. Among them is Green Key, a 250-unit complex in Pembroke Pines, which it recently acquired in joint venture with ING Clarion for $34.7 million. In addition, this July Ceebraid and Investcorp partnered to buy the Palm Beach Hilton here for conversion into the Ocean Club Beach Resort condo hotel and the historic Gulfstream Hotel in Lake Worth. Calls to Ceebraid regarding Union Square were not returned by deadline.

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