New York-based CDC Mortgage Capital has provided a $27.6 million floating-rate loan that will refinance existing debt and pay for capital improvements at Treasures on the Bay, a 517-unit apartment complex just north of Miami Beach, Fla., on Treasures Island. The loan will also pay for the conversion of one of the complex's three buildings to a condominium tower. The borrower is a partnership controlled by Dallas-based Genesis Real Estate Group.

The loan provides for the borrower to receive additional advances to cover the cost of the conversion.