AZTEC ARRANGES $180 MILLION ACQUISITION AND CONVERSION FINANCING OF A 5-PROPERTY, 1,700-UNIT APARMENT COMMUNITY PORTFOLIO THROUGHOUT FLORIDA

Miami, Florida -- Aztec Group, Inc., Florida’s leading real estate investment and merchant banking firm based in Miami, is pleased to announce the acquisition and condominium conversion financing of a 5- property, 1,700-unit apartment community portfolio on behalf of Miami-based GREC Conversions.

As GREC’s exclusive mortgage broker, Aztec secured a $180,000,000 loan commitment facilitating the acquisition and renovation of the portfolio. The assets are located in West Palm Beach, Orlando and Tampa, Florida. Moderate renovations of all properties will take place prior to converting to condominiums.

Jason Shapiro, Managing Director of Aztec Group, Inc., represented the borrower in the placement of this loan.

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.