AZTEC ARRANGES $80 MILLION IN SALE AND FINANCING OF THREE SOUTH FLORIDA APARTMENT COMMUNITIES FOR CONDOMINIUM CONVERSION

Miami, Florida -- Aztec Group, Inc., Florida’s leading real estate investment and merchant banking firm based in Miami, is pleased to announce the sale and financing of three apartment communities totaling over $80 Million. All of the assets were purchased for condominium conversion.

St. Charles Place, a 220-unit apartment community in Miramar, sold for $24,650,000 to GREC Conversions, a local condominium converter. Coral Lake Apartments, 260 units in Coral Springs, sold for $33,800,000 to a local condominium converter. Lakeshore Plaza Apartments, 80 units in West Palm Beach, sold for $9,595,000 to a local condominium converter. Aztec also secured a first mortgage in the amount of $11,560,000 for the acquisition and conversion to condominium. Lakeshore Plaza now renamed Lakeshore Club Condominium will provide buyers with an affordable waterfront location just minutes from downtown West Palm Beach.

Michael Stein, Managing Director and Peter Mekras, Associate, of Aztec represented both the purchasers and sellers on the sale of St. Charles Place and Coral Lake. Stein, Mekras, and Jason Shapiro represented the purchaser and borrower on the sale and financing of Lakeshore Plaza Apartments. Stein has completed over $2 Billion in multi-family investment sales and financing throughout Florida.

Founded in 1981, Aztec Group, Inc., is a full service real estate investment and merchant banking firm specializing in facilitating the acquisition, disposition, financing and capital needs of real estate projects for institutional investors, entrepreneurs, developers and offshore clients.