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.
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