Karlton Properties Gets $30.6M Construction Loan

MIAMI-First it was an apartment complex. Then it was turned into an office building. Now Karlton Properties has closed on a $30.6 million construction loan to turn The Victorian Plaza here into a condominium community called The Collins.

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.