Interwest Snags Suburban Miami Property

The combination of condos and apartments went for $75.5 million.
Treasures on the Bay

Treasures on the Bay

By Dees Stribling

North Bay Village, Fla.—The multifamily property Treasures on the Bay has sold for $75.5 million. The buyer was Interwest Capital Corp., while the sellers were entities affiliated with Owens Realty Mortgage.

The property includes 169 condo units, 160 apartment units and related land and assets. Owens Realty Mortgage owned roughly an 81 percent interest in the property, with the company’s parent, Owens Financial Group Inc., owning the remaining 19 percent.

The community offers one-, two- and three-bedroom units ranging from 925 to 1,289 square feet. Common amenities include a 24-hour fitness center, a bayfront boardwalk, surface parking, two bayfront pools and wireless hot spots.

According to the seller, the deal resulted in extinguishment of debt and net sales proceeds of about $40.8 million, or $32.9 million to the company after non-controlling interest. The gain on the sale of the property was about $19.3 million, or $15.6 million to the company after non-controlling interest.

Owens Realty Mortgage CEO Bryan Draper noted that the sale “provides the company with cash in addition to extinguishing substantial debt. We expect to reinvest and leverage these proceeds in the near term to expand our loan portfolio and increase earnings.”

The company is a specialty finance mortgage provider organized to qualify as a REIT, focusing on small-balance and middle-market commercial real estate loans (it has been divesting itself of physical real estate assets lately). North Bay Village is a small suburb of Miami on Biscayne Bay, noted in recent years for its condo developments.