TPlaza at Oceanside in Pompano Beach was bought out by bulk buyers Chetrit Group and Read Property Group for $38.5 million from WCI Communities. The total parcel is comprised of 24,448 square feet of commercial retail space, 138 condo units, and a 3.75 acre development site.
The two bulk buyers were recently approved for a $28.2 million mortgage as their plan is to turn the property into a mixed-use development. The new development will house a 303-room hotel, 77 residential units and over 45,000 square feet of commercial retail space. The two buyers were able to acquire the building and land after WCI filed for bankruptcy.
The non-recourse loan was arranged by New York City-based Meridian Capital Group, and Ladder Capital was the one who granted the mortgage. Ladder is specialty finance company focused on the commercial real estate market.
Even though WCI filed for Chapter 11 bankruptcy in August 2008 and emerged in September of this year, they retained Cushman & Wakefield to help sell the property’s units and attached land.
Brad Capas, a senior director at Cushman & Wakefield, said, “The important thing that is very encouraging is that there is plenty of investment capital pursuing these deals.” He also stated that although there is a renewed interest in deals such as these, that the debt markets overall are still struggling
The Plaza at Oceanside in Pompano Beach was bought out by bulk buyers Chetrit Group and Read Property Group for $38.5 million from WCI Communities. The total parcel is comprised of 24,448 square feet of commercial retail space, 138 condo units, and a 3.75 acre development site.
The two bulk buyers were recently approved for a $28.2 million mortgage as their plan is to turn the property into a mixed-use development. The new development will house a 303-room hotel, 77 residential units and over 45,000 square feet of commercial retail space. The two buyers were able to acquire the building and land after WCI filed for bankruptcy.
The non-recourse loan was arranged by New York City-based Meridian Capital Group, and Ladder Capital was the one who granted the mortgage. Ladder is specialty finance company focused on the commercial real estate market.
Even though WCI filed for Chapter 11 bankruptcy in August 2008 and emerged in September of this year, they retained Cushman & Wakefield to help sell the property’s units and attached land.
Brad Capas, a senior director at Cushman & Wakefield, said, “The important thing that is very encouraging is that there is plenty of investment capital pursuing these deals.” He also stated that although there is a renewed interest in deals such as these, that the debt markets overall are still struggling.
To find South Florida real estate, contact seasoned professional Roman Pavlik at roman@pavlikgroup.com or visit SouthFloridaRealtySource.com.