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Multi Capital Group Continues To Close Condo Conversion Loans In Florida

Multi Capital Group, a Real Estate Investment Banking Firm, recently arranged financing of $42,500,000 for the condo conversion of The Arbors at Fletcher Island, a 352-unit apartment community in Tampa, Florida.

Multi Capital Group recently arranged financing of $42,500,000 for the condo conversion of The Arbors at Fletcher Island, a 352-unit apartment community in Tampa, Florida. The 31 acre property located at 13400 Arbor Isle Drive offers Mediterranean architecture which exude a true Floridian feel with premium interior features and abundant living space.

Managing Director Bernie Nagelberg, at Multi Capital’s New York office negotiated this transaction.

The Arbors sale follows a trend of apartment communities selling in the Tampa area. In 2005, 88 communities were sold. The rising cost to own a house, has given developers the opportunity to convert apartments to condos.

At The Arbors at Fletcher Island, future owners can select from a palette of seven unique one and two bedroom garden homes and a distinctive three bedroom town home design. Intimate courtyards and lush landscapes provide unequaled ambiance and beauty.

The Fletcher Avenue location puts an owner less than one quarter mile from Interstate 75 and within minutes of Progressive, Hidden River Corporate Park, Telecom Corporate Park, USF, Moffitt, USAA, Citigroup, Verizon and JP Morgan.

According to Nagelberg, “Multi was able to win the deal with its quick turnaround on a term sheet and our ability to close the loan within four weeks beginning to end which was essential on this transaction With a lot of banks shying away from conversions, especially in Florida, Multi Capital’s resourcefulness and lender relationships really give us an opportunity to differentiate from others.”

Multi Capital Group (www.Multi-Capital.com) a Real Estate Investment Banking firm is prominent in debt and mezzanine placement, equity participation, and investment sales. Its clients include some of the most active developers and institutions both nationally and in the New York metropolitan area.
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