St. Andrews at Palm Beach Lakes is located on almost 10 acres at 1709 Village Blvd., near Interstate 95, Florida's Turnpike and Palm Beach International Airport. The property consists of 10 two- and three-story buildings. The one-, two- and three-bedroom units average 980 sf.

"We were able to assure the borrower of the strong demand for affordable housing in the West Palm Beach market, which encouraged them to proceed with the acquisition and condominium conversion of the property," says Kaplan. "The low-cost difference between renting and owning should entice 25% to 30% of current tenants to become homeowners at St. Andrews at Palm Beach Lakes."

This property would become just one of dozens of conversions--most in Florida--Andrew Properties, led by Abraham Galbut of Miami Beach, has completed.