Sandstone Closes Large Condo-Conversion Loan

FOR IMMEDIATE RELEASE:

SANDSTONE REALTY ADVISORS ARRANGES $27 MILLION MEZZANINE AND DEBT FINANCING FOR SOUTHCOAST PARTNERS

Entire Process Completed in 20 Days

MIAMI, FL -- Sandstone Realty Advisors, a real estate advisory firm specializing real estate investment and finance, in its capacity as mortgage broker, assisted Southcoast Partners in arranging $27 million senior and mezzanine debt financing.

The proceeds will finance the completion of Southcoast’s Highland Beach Club condo conversion project, which was begun in 2001 by developer Howard Scharlin.

“We completed the entire financing at warp-speed, in less than 21 days, unheard of in today’s finicky capital markets,” said industry veteran Jim Fried, president of Sandstone Realty Advisors.

GE Real Estate provided the first mortgage and South Charles Investment Corporation provided the mezzanine financing.

Southcoast is a Boca Raton based developer headed by Bill and Scott Morris. The firm specializes in urban in-fill commercial and residential development in South Florida.

Sandstone brings 20 years of deal structuring expertise to the Florida Real Estate Market. Based in Miami, Sandstone assists real estate business people grow their businesses by providing access to capital, managing the property sales process or generating creative solutions to complex real estate problems.

For more information, please contact Jim Fried President of Sandstone Realty Advisors at 305-371-2824.