"We completed the entire financing at warp speed, in less than 21 days, unheard of in today's finicky capital markets," Jim Fried, industry veteran and president of Sandstone Realty Advisors, says.

GE Real Estate provided the first mortgage, and South Charles Investment Corp. was the provider of the mezzanine financing. Besides buying the inventory, the money will finance improvements to the asset, including upgrades to some of the common areas and units, Fried tells GlobeSt.com. He did not disclose the specific breakdown of purchase and improvement costs.

The property, located at 3600 S Ocean Blvd. in Highland Beach, FL, has some history to it. It originally was built by The Related Cos as a luxury rental apartment community called the Yacht Club at Highland Beach. Later, Clarion Partners purchased it, then more than a year ago sold it to a group of investors that included Howard Scharlin. Beginning at around the end of 2000, Scharlin converted the project to condos.