| |
 |
|
|
|
|
|
|
|
|
|
|
|
 |
|
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
|
 |
|
 |
|
|
|
|
 |
|
 |
|
Our Deal Criteria
We are looking for bulk deals from sponsor/developers, builders and lenders of REO, of no fewer than 20 units. With partner cash on hand we can acquire deals from $1 to $100 million with a strong preference for:
• Failed condo conversion projects;
• Unsold or partially sold new construction;
• Partly completed new condo development;
• Notes in default (both mezzanine and first mortgages);
• Deals in bankruptcy or foreclosure.
|
DEAL TYPE |
Remaining Residential Inventory: condominiums, town-homes, single family homes, projects under construction, planned communities, finished lots. |
TRANSACTION TYPES |
Bulk deals from sponsor/developers, builders and lenders, REO and/or notes, notes in default (bankruptcy of foreclosure), special situations, tax incentives |
PROJECT SIZE |
From $1 Million to $100 Million |
GEOGRAPHIC FOCUS |
South Florida: Miami-Dade, Broward, Palm Beach Counties |
TYPICAL LEVERAGE |
0% - 60% |
TARGET RETURNS |
15%+ un-levered returns over investment period. |
INVESTMENT PERIOD |
3 - 7 years |
|
We believe we can add the most value to partially sold or fractured deals - projects that have sold some units, but now have to be operated as hybrid rental projects until the condo market bottoms out. The table above describes the types of opportunities that we are currently targeting.
|
|
 |
|
 |
 |
 |
 |
|
 |
 |
|
|
|
