Condo Conversion Gets $27M in Financing

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By Natalie Keith

DADELAND, FL-Palmetto Towers Group LLC has secured more than $27 million in financing for a condominium conversion project at Palmetto Towers, a 158-unit project. The two towers are located in an infill area that is currently being redeveloped with a variety of residential, retail and mixed-use projects under way.

Charles Foschini, senior director of CBRE/Melody's South Florida office and Christian Lee, executive vice president of CB Richard Ellis' Institutional Group arranged financing through a regional bank of behalf of. Foschini tells GlobeSt.com that the financing will cover the acquisition costs and the costs to convert the property to condominiums.

The project is being undertaken by Hector Hernandez, of the Miami-based American Conversion & Development Group. Hernandez typically develops affordable housing properties that quality for FHA loans and sell for $400,000 or less. "[Hernandez] just closed on the loan within the past few weeks. He usually starts construction with six months of closing on the loan," Foschini says.

Palmetto Towers is located in an area known as the Dadeland Triangle which is close to the Dadeland Mall. "This is one of the premier bedroom communities in the Miami area," Foschini notes.