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ROYAL PALM BEACH, FL-Carmel Investment Group, a Coconut Grove-based national real estate investment firm currently focused on condominium conversions, has obtained a senior loan of nearly $27.4 million to buy Kensington at Royal Palm Beach. The buyer plans to convert the 166-unit garden-style complex to for-sale condos.

Kensington is located on 21 acres at 300 Crestwood Circle just north of Southern Boulevard. It was completed in 2004 and consists of 12 two- and three-story buildings in a complex that includes a clubhouse, fitness center, pool, tennis court, business center and billiards room. The one-, two- and three-bedroom townhouse and villa-style units include garages and range from 1,242 sf to 1,859 sf for an average of 1,320 sf. Published selling prices begin in the high $100,000s and reach to above $300,000.

The funding is a two-year, adjustable-rate loan. Robert Kaplan, senior managing director in the Miami office of Holliday Fenoglio Fowler, arranged the funding through Chicago-based Corus Bank. The same HFF office previously arranged financing for Carmel’s acquisition and condo conversion of the Cove Apartments in Daytona and West Town Colony in Altamonte Springs.

The Kensington asset’s “central location here, along with its quality construction, amenities and luxury features, make it a great candidate for condo conversion,” Kaplan tells GlobeSt.com. Carmel is the luxury residential subsidiary of Housing Trust Group, also based in Coconut Grove.

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