Tampa – Condo Conversion (built 1975) - This complex has 28 two and three story CBS buildings which contain 232 units on 11.872 acres. Of the 232 units, 103 remain available and 34 of these are leased. The current management is attempting to lease the remaining units. The property includes an office, clubhouse and a pool. In addition, the property and units were renovated and converted to condos in 2005. There remain some liability issues with rotting stairwells, some topography issues related to a nearby city water treatment facility and at least one units with water damage and related issues. An appraisal from January 2009 noted the value at $3.675,000 (using the fee simple approach). Units range in size from 439 sq ft to 885 sq ft. HOA’s are about $.30 per sq ft. Rents range from $.93 per sq ft to $1.42 per sq ft. The original loan amount was $22MM and the current balance is $10MM.