Southcoast Partners Gets $27M for Condo Conversion

MIAMI-Southcoast Partners has obtained $27 million in financing to fund its purchase and planned improvements of the 200-unit Highland Beach Club condominium conversion project here. Sandstone Realty Advisors, a real estate advisory firm that specializes in real estate investment and finance, arranged the senior and mezzanine debt financing.

“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.