News & Press
Multi Capital Continues To Close Condo Conversion Loans In Florida
Multi Capital (MCG) 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 exudes 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."
About Multi Capital LLC
Multi Capital, Inc. (www.Multi-Capital.com) is a nationwide finance company specializing in the full spectrum of real estate financing. Multi Capital is known for its expertise in arranging Senior Debt, Mezzanine, and Equity for Development Deals. With its financing experts originating from the real estate development arena, Multi has the expertise needed to syndicate these transactions.
Multi Capital provides a service that is unmatched in efficiency, speed, and thoroughness. Multi currently has over $600,000,000 in development deals in the pipeline.