Holliday Fenoglio Fowler LP arranged $5.65 million in refinancing for Piermont Commons, a 28-unit mixed-use community in Piermont, N.Y. The 10-year fixed-rate loan was secured through Bear Sterns Commercial Mortgage. MCZ/Centrum Florida purchased Oceancrest Beach, three 16-story rental oceanfront towers in Hollywood Beach, Fla., from Archstone-Smith Trust. The developers will spend $20 million to renovate and covert the buildings into a 943-unit condominium community. Belfonti Associates arranged $10 million in refinancing for Oaks Apartments, a 200-unit community in Manchester, Conn. The loan has a 10-year term with a 30-year amortization at a 5.17 percent interest rate.
Miami Advice
Thanks to Persistence and Flexibility, the Valencia Becomes the Newest Kid on This South Florida Block
5 MIN READ
TROPICAL ADVENTURE: Assembling the land and getting approvals for The Valencia at South Miami came down to the wire.