Home Insights Carey A. Stiss Closes $21 Million Refinance of Broward Apartment Complex

Carey A. Stiss Closes $21 Million Refinance of Broward Apartment Complex

Press Release
March 23, 2011

Bilzin Sumberg Baena Price & Axelrod LLP announced today that Real Estate Partner Carey A. Stiss closed a $21 million refinance of a Broward County apartment complex on behalf of client CP-PRCP Lauderhill I, LLC ("CP-PRCP"). CP-PRCP is anaffiliate of West Palm Beach-based Priderock Capital Partners, LLC.

In 2008, Mr. Stiss represented CP-PRCP in the purchase of The Glen at Lauderhill (formerly The Villas at Lauderhill) from Intervest National Bank, which had acquired the hurricane-damaged, 405-unit complex through foreclosure in July 2008. The acquisition at that time was financed by a $21 million reconstruction loan provided by BB&T Real Estate Funding. In this latest representation, Mr. Stiss negotiated a $21 million refinance of that loan with lender Freddie Mac.

About Bilzin Sumberg

Bilzin Sumberg Baena Price & Axelrod LLP is a full-service, commercial law firm with extensive experience in the areas of commercial finance, corporate and securities, environmental law, land use and government relations, litigation, real estate, restructuring and bankruptcy, tax and wealth transfer. For more information, please visit www.bilzin.com.

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