Karlton Collins LLC recently bought the building from Victor Posner Trust No. 6, the leasehold holder, and Security Management Corp., the fee holder, for $22.4 million. The purchase and conversion costs are expected to total approximately $45 million.
The lender is AmTrust Bank, a division of Ohio Savings Bank, and David B. Smith, vice president and director of business development for the bank, negotiated the deal. AmTrust specializes in the financing of condominium conversions in the South Florida area.
The 239 residences will have private balconies, many with ocean and bay views. Amenities will include an oceanfront pool, a fitness center and a business center. Prices range from $190,000 to $500,000.
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