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LONGWOOD, FL-RB-Gem Management LLC of Miami, one of Florida'smost active condo converters, has paid a premium $200,280 per unitand a total $71.5 million for 357 combined units. The assets areGolfbrook Apartments and Sabal Park Apartments, both located withinthe Sabal Point Golf Course and Country Club here. The seller andoriginal developer of the properties was Louisville, KY-based NTSDevelopment.

The Orlando and Atlanta offices of CBRE/Melody Capital Marketsbrokered a total $74.8 million in acquisition and conversion costloans for the buyer through Fremont Savings & Loan of Brea, CA.The two loans are interest-only for 24 months and non-recourse,which means the properties are the collateral for the loans and thebuyer won't be held responsible if the loans are not paid. DennisJiminez in Orlando and Richard Jordan in Atlanta were theCBRE/Melody brokers in the financing deal.