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ORLANDO-With $22.33 million in financing, Condo Max USA will acquire Cypress Pointe, a 236-unit multifamily complex at 4030 Dijon Rd., which it plans to convert into condominiums.
Houston-based Holliday Fenoglio Fowler, LP secured a $19.7-million adjustable-to-fixed-rate senior loan and a $2.62-million mezzanine loan, both through Anglo Irish Bank Corp., PLC, for the acquisition. HFF senior managing director Robert Kaplan worked on the transaction. Each loan has a 24-month, interest-only term. Condo Max USA was founded by two members of New York-based Ashkenazy & Agus and specializes in condominium conversions.
Cypress Pointe, which is located on Lake Orlando in western Orlando, consists of two- and three-bedroom units with walk-in closets, outside storage and water views. Community amenities include a clubhouse, pool, car wash area and fitness center, tennis courts, boat storage and laundry facilities. As part of the conversion, Condo Max will upgrade common areas and unit interiors.
Kaplan tells GlobeSt.com that that Cypress Pointe will be attractive to buyers because it will be priced moderately. "This will provide worker housing. There is little competition in this market [for condo conversions] and it will be priced lower compared to the average single-family home price," Kaplan says.
Kaplan adds that the community will be located in between a higher end community and a more moderate one. "It will be positioned to be more like the higher end community but priced at the moderate one."
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