Tarragon Sells Florida, South Carolina Properties for $156M

By Keat Foong, Executive EditorNew York—Tarragon Corp. has sold its interest in six properties in Florida and South Carolina for $156 million. The properties were sold to Northland Investment Corp. which assumed, extended and modified $108 million in existing financing from Barclays Capital Real Estate to finance the purchase, according to Tarragon. Tarragon says it is continuing to guarantee repayment of about 10 percent of the loan. Tarragon has been retained to manage all six properties on behalf of the Northland entities and may share in future profits from the sale and operation of the properties.“I am immensely pleased and still in awe of the fact that Northland completed this large and complex purchase in less than three weeks, precisely as agreed. We look forward to creating value for Northland and our shareholders from these properties and, hopefully, through other transactions in the future,” says William S. Friedman (pictured), Tarragon chairman and CEO.