IPA Brokers Sale of Florida Properties for $63.6M

IPA brokers the sale of two multifamily assets totalling $63.6M; KeyBank provides $71.9M in refinancing to four Texas properties; and Cortland acquires condos through "friendly" foreclosure.

Landmark at Waters Pointe

Tampa, Fla.–Institutional Property Advisors has brokered the sale of two multifamily assets in separate transactions totaling $63.6 million. IPA sold Malibu Lakes, a 356-unit asset in Naples for $42.6 million. Landmark at Waters Pointe, a 198-unit property in South Pasadena, commanded a price of $21 million.

Jamie May, a senior director in the Tampa office of IPA, represented the seller of Malibu Lakes, Inland American Real Estate Trust Inc. Built in 2003, the a 372,696-square-foot property is located at 2115 Malibu Lake Circle, near the junction of Interstate 75 and Immokalee Road. The property has a Mediterranean architectural style and includes two resort-style pools, a clubhouse, fitness center, tennis court and business center.

May also represented the seller of Landmark at Waters Pointe, Landmark Residential. The buyer was Robbins Property Associates LLC. The 192,678-square-foot Landmark at Waters Pointe is located on Boca Ciega Bay at 1885 Shore Drive South in South Pasadena, approximately one mile from Gulf of Mexico beaches. Built in 1962 on 5.4 acres, the five-story mid-rise property’s recent renovations include upscale condo-grade interior finishes, a new fitness center and putting green, tropical landscaping and a fishing pier.

KeyBank Real Estate Capital provides $71.9M in multifamily financing

Dallas–KeyBank Real Estate Capital recently provided $71.9 million in FHA funding for four multifamily properties in Texas.

  • A $23.5 million loan for the Zang Triangle property located in Dallas on behalf of Lang Partners.
  • A $20.1 million loan for the Hebron 212 Station, located in Lewisville, Texas, on behalf of Huffines Communities.
  • A $15.5 million loan for The Lodge at Pecan Creek, located in Denton, Texas, on behalf of First Enterprise Corp.
  • An $11.7 million loan for the refinancing of Bandera Commons, located in San Antonio, on behalf of Melko Dobroslavic.

Cortland acquires title to condos through “friendly” foreclosure

Panama City Beach, Fla.– Cortland Loan Services LLC completed the acquisition of 117 luxury residences in the Origin at Seahaven Condominium in Panama City Beach, Fla.

Cortland, which acquired title to the units via recently completed foreclosure proceedings, plans to reposition pricing to reflect the realities of the current real estate market, and offer the remaining residences for sale in a lender close-out.

The ownership transition ensures the future financial stability of the project, and allows for the orderly retail sale of the remaining residences, with new list pricing that reflects an average cumulative discount of approximately 60 percent from peak market sales prices, says the company.

Says Dawn Dunlap, who worked as an onsite broker associate for the developer, “This was a friendly foreclosure, where the developer and lender cooperated with the goal of ending any uncertainty surrounding the project, which is great news for both current and future owners. New buyers will be looking at a stabilized building with a healthy association, at deep discount prices, without the cloud of foreclosure.”