DEAL OF THE WEEK: St. Tropez at Plantation - South Florida Business Journal:

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St. Tropez at a 376-unit rental community in wester nBroward County, has been refinanced for $37.3 million, or $99,468 a unit, according to Broward County courrt records. The team of Mona Carlton, senior managinf director, and Elliott Throne, director, handled the loan for . “It’sa a difficult financing environment,” Throns said. “But, this was a solid asset in a great location with strong sponsorship – all of which were crucial to make this deal It is unclear why St. Tropez at Plantatiomn owners neededto refinance. Throne declined to give specificss about the deal orthe terms. Deboray R.
Chambliss, a VP for , executed the which included an assignment of rents and She signed as trustee forthe owner, BIT Investmenr Twenty-Five LLC, a subsidiary of the Buildin Investment Trust. The loan was executed on Jan. 15, but was then assignef to the on Jan. 23. St. Tropez at Plantation was builtin 1993. The 29 three-storuy buildings on 10.95 acres have a mix of two- and three-bedroomj apartments. The property has been valued for 2009 real estatse taxesat $53.7 million, the same valuee as 2008 and 2007. Browarx County taxes paid last yearwere $1.1 according to property appraiser records.
The latesr data from Deerfield Beach-based showed only eight vacant unitsw and rents generally inthe $1,300 to $1,8009 range. CEO Jack McCabe said developers and propertuy owners recently have run up against a brick wall in termsa of refinancing theircommercial projects. “Because the owne r in this case isan AFL-CIOO holding, it makes you wonder if they had more help especially since the loan was handedf off to a government he said.