Money found for Florida condos despite downswing.Carlton Advisory Services' Chairman Howard L. Michaels announced that Carlton has successfully secured $90 million of construction financing for South of 5th, a luxury condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. development located on one of the last available beachfront beach·front n. A strip of land facing or running along a beach. adj. Situated along or having direct access to a beach: beachfront hotels; beachfront property. Noun 1. sites in the South Beach section of Miami Beach, Florida “Miami Beach” redirects here. For the beach in Barbados, see Miami Beach, Barbados.
South of 5th is located at 125 Ocean Drive, in the heart of the highly desirable SOFI So´fi n. 1. Same as Sufi. (South of Fifth) section of South Beach. It is bordered on the north by the South Beach Marriott Destination Resort and on the south by the highly successful Bentley South condominiums. The South of 5th neighborhood is populated pop·u·late tr.v. pop·u·lat·ed, pop·u·lat·ing, pop·u·lates 1. To supply with inhabitants, as by colonization; people. 2. with some of the premier venues in South Beach, including Joya, Prime 112 Steakhouse, Joe's Stone Crab and Nikki Beach. Against the backdrop of substantial negative press and growing weakness in the South Florida residential condominium market, Carlton's deep relationships help identify institutional capital willing to finance this luxury condominium development despite the market's challenges, the firm said. This transaction was arranged by Carlton executives Romano Tio, Marc Sznajderman and Will Lee. |
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