FORT LAUDERDALE, FL—Fractured condo projects are fewer and further between, but deals are still getting done. And lenders are willing to make bets.
Aztec Group, a Miami-based real estate investment and merchant banking firm, secured $7.5 million in debt financing for The Atriums of Somerset III, Buildings P & Q, a multifamily complex in Fort Lauderdale, FL. Aztec's senior managing director Howard Taft and director Charles Penan led the transaction.
"This was a very challenging and highly-structured transaction, where we carefully arranged terms that fit our client's needs," says Taft. Basis Investment Group, a New York-based conduit lender, offered the financing.
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