Existing Building - this 24 unit building is a half block from the bay in South Beach. This property was purchased with the idea of renovating and converting to condos but the work was not completed. The building is largely rented, though it likely needs some renovations in the not-too-distant future. The building is 14,979 sq ft, encompassing 12 one BR/one BA units along with 12 studios. Some of the units will have bay views. Loan is $3.1MM.