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.
After the renovation, The Collins will consist of a new building with new electrical, plumbing and appliances. Only the structure's original shell will be kept. The price per sf is significantly lower than that of new oceanfront buildings.
Completed in 1969, the property--then called The Victorian--was originally a 14-story building with 249 apartments on 1.75 acres of land. The architect was the famed Morris Lapidus of Miami. Then in the early '80s, Posner, since deceased, converted the building to office space. The property, at 6917 Collins Ave., has been vacant in recent months.
Karlton Properties--whose principals are Fredric N. Karlton, Daniel Rotenberg and Gavriel Naim--also is converting The Waverly, a 399-unit rental building in South Miami Beach, into a luxury condominium community.
Charles H. Ratner PA of Leslie Robert Evans & Associates LLP in Palm Beach, FL, represented Karlton Properties in the transaction.
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