Capital Source of Chevy Chase, MD is providing the 24-month financing to Eichenblatt & Co. The Atlanta office of LJ Melody & Co. arranged the loan. "It took about 10 months to close and required a lender with a lot of vision," Melody broker Richard Jordan tells GlobeSt.com.
Jordan declined to disclose the interest rate but said it was "not under 7%." That figure contrasts with the 5% to 6% deals that commercial borrowers were receiving in early 2003, local mortgage bankers tell GlobeSt.com. Robert LaChapelle, also of LJ Melody's Atlanta office, worked with Jordan on the transaction.
The Metropolitan at Lake Eola is being converted from the former 250-room Four Points Sheraton hotel to a 129-unit condominium community at one of Downtown's best-known locations across from the Lake Eola public park. Eichenblatt's office says the project already has a waiting list of 500 buyers. Condo prices are expected to range from $110,000 to $200,000. Nine penthouse units--six of them overlooking Lake Eola--will go for $300,000-plus.
Orlando Hyatt Hotel Associates LP of Rockville, MD sold the Four Points Sheraton as part of its Chapter 11 conditions set by the US Bankruptcy Court here. The company has been under Chapter 11 protection since May 1, 2002.
The hotel was previously known as the Harley Hotel from the 1970s to the 1990s under ownership of the late New York hotelier Harry Helmsley and his wife, Leona. The hotel opened in 1963 as the Robert Meyer Motor Inn and later became the Kahler Plaza before the Helmsleys bought the property.
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