Sunday, October 24, 2010

HFF closes senior promissory note sale secured by oceanfront condominium complex in Daytona Beach Shores, FL

MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed a loan sale secured by the Islamorada Condominiums (top left photo), a 53-unit, luxury condominium complex in Daytona Beach Shores, Florida.

HFF executive managing director Manny de Zárraga (middle right photo), managing director George Vail (middle left photo)  and director Jaret Turkell exclusively represented the seller.

  Bayshore Capital purchased the senior promissory note for an undisclosed amount.

The Islamorada Condominiums is located directly on Daytona Beach at 2071 South Atlantic Avenue close to US Route 1 and Interstate 95 in Daytona Beach Shores. 

The property was completed in 2008 and is currently vacant.  All of the units are three bedroom layouts that average 1,865 square feet. 

Amenities at the 11-story property include a heated oceanfront swimming pool, fitness center, clubroom with bar, billiards table and underground parking garage.

“The fact that none of the units had sold yet was appealing to Bayshore in that it allows them to control the condominium association and grants significant flexibility in execution strategies,” said de Zarraga.

“The Islamorada Condominium is a class A property located on the ocean in Daytona Beach Shores–it is a prime candidate for a condominium sell-out execution,” added Turkell. 

Manuel de Zarraga, HFF Executive Managing Director, 305-448-1333,
George Vail, HFF Managing Director, 305-448-1333,
Kristen Murphy, HFF Associate Director, Marketing. 713-852-3500,

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