Tarragon has more than $12 million budgeted for the property's renovation and improvement. Pinecrest Village is the first project headed by Richard Schaffer, Tarragon's new managing director for Florida condominiums.
Consisting of about 240 reconfigured and reconstructed luxury apartments, the building is located at the gateway to Victoria Park, next to downtown. Units are priced from $150,000 to $350,000, which is low for the area.
"Based upon our estimated renovation conversion costs and initial sales prices, we anticipate a profit of approximately $25 million over the next 24 months as we complete the renovation of the apartment units and close their sale," Tarragon president and CEO William S. Friedman says in a statement.
Friedman said Tarragon's $26 million in conversion financing will be provided by Wachovia Bank NA.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
