AZTEC ARRANGES $15.8 MILLION FOR THE ACQUISITION AND CONDO CONVERSION FINANCING OF SIESTA LAGO APARTMENTS IN ORLANDO, 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 conversion financing of Siesta Lago apartment community.

Siesta Lago, a 125-unit complex located in Orlando, Florida, sold to Siesta Lago Condominiums, L.P., a Des Moines, Iowa-based condominium converter. Aztec secured a first mortgage in the amount of $15,800,000 for the acquisition and conversion of the property to residential condominiums. A significant renovation of both the interior and exterior will take place in order to position the property as the premier condominium conversion in its sub-market.

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.