Capital Source Funds Downtown Condo Conversion

ORLANDO-The Metropolitan at Lake Eola Condominiums, Downtown’s newest hotel-condo conversion, is shooting for an August opening after Atlanta developer David Eichenblatt received an $11.8-million acquisition and construction loan on the two-story, 41-year-old Lake Eola property.

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.