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Carlton Arramges $125 mil Condo Conversion Financing
MIAMI, FL, April 19, 2006. Carlton Advisory Services has arranged a $125 million construction and mezzanine loan package for the condominium conversion of the Caribbean Ocean Hotel located at 3737 Collins Ave. and construction of the Caribbean, a luxury condominium development.
The project is a joint venture between Christa Development Corp. and Bluerock Real Estate, LLC.
The partners, who purchased the property in March 2005 with a $50 million bridge loan also arranged by Carlton, plan on gut renovating and converting to condominiums the existing hotel, which is on the north side of the property, and constructing a 19-story tower on the south side. The two oceanfront towers will contain 103 condominium residences.
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