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Andrew Properties Gets $22M in Financing

WEST PALM BEACH, FL-The company plans to convert the 200-unit, class A multifamily property St. Andrews at Palm Beach Lakes to condominiums. The financing, arranged by Holliday Fenoglio Fowler LP, was provided by Merrill Lynch Capital and Colonnade Properties.

By Melissa Bogdany | Updated on February 24, 2004

WEST PALM BEACH, FL-Andrew Properties LLC obtained $22.2 million in financing for St. Andrews at Palm Beach Lakes, a 200-unit, class A multifamily property here. The financing is for the acquisition of the property from Verizon and its conversion to condominiums.Managing director Robert Kaplan and senior analyst Mark Rutherford of the Miami office of Holliday Fenoglio Fowler LP arranged both the acquisition/condo conversion and mezzanine financing. Merrill Lynch Capital provided the $18.7 million, three-year, adjustable-rate acquisition financing, while Colonnade Properties provided the $3.5 million, three-year, fixed-rate mezzanine financing.

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.

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