West Palm Beach, FL – Condo Conversion (built 1987) - This complex of six two story CBS consists of 120 total units and 124,200 sq ft. Of the 120 units, 27 closed and 93 are available (96,000 available sq ft). Property was purchased and converted to condos in 2005. Some renovations were made to the property and the developer eventually closed 27 units. Of the available 93 units, 37 are 2 BR / 1 BA units with 1,030 sq ft and 56 are 2 BR/2 BA units with 1,040 sq ft. Average rents are $1 per sq ft. In addition, there are 247 parking spots in the complex, a pool, two tennis courts, a leasing and sales office and there is scheduled to be a fitness center. Loan amount was $20MM, though this has been reduced to approximately $14MM after the 27 closings