MIAMI-The Blackstone Apartments has refinanced its loan. The $10 million refi on the Miami Beach property was a seven-year fixed rate term with two years interest only on a 70% loan-to-value ratio. The interest rate was not disclosed.

Christopher Apone, vice president with CB Richard Ellis Debt & Equity Finance – Institutional Group in South Florida teamed with Charles J. Foschini and Christian R. Lee to arrange the financing through Freddie Mac on behalf of Blackstone Equities.

“This is a unique property,” Apone tells GlobeSt.com. “It was operated a hotel right up until the early 80s. At that time South Beach was run down and a lot of these old art deco buildings were not maintained. In the late 80s the Related Group purchased it and converted it into apartment buildings.”