Saturday, March 19, 2011

Cohen Real Estate Capital Participates in 4 Central Florida Deals Valued at $86 Million

Pacifico Place Apartments Secures $9.5 Million Loan Purchase

ORLANDO, FL--Todd Cohen, founding Principal of Orlando-based Cohen Estate Capital, LLC  represented and advised the purchaser of a defaulted loan having a UPB of $9,500,000. 

The buyer, Miami-based Pensam Capital, LLC, purchased the loan at a discount from a large national bank.  The loan is secured by Pacifico Place Apartments (top left photo), a 188-unit multifamily development in Orlando that is 98% occupied.

 The property was previously purchased in 2005 for $9,950,000  and has had over $2,000,000 in improvements since then.  Cohen was able to negotiate the purchase of the note, conduct due diligence and close in 20 days.

Marina Grande in Daytona Beach Sold for $60 Million

Cohen represented and advised the seller of 414 luxury condo units at Marina Grande On The Halifax in Holly Hill / Daytona Beach (middle right photo) for $60,000,000, or around $145,000 per unit. 

The seller was Miami-based Holly Hill Associates, which is an entity controlled by NY-based Cerberus Capital Management.  The building contains 486 condominiums in twin 25-story buildings. 

At the height of the market in 2007, the developer sold 72 units at an average price of over $550,000 per unit or over $300 per square foot.   Cohen acted as the Owner’s Representative for a period of six months preparing for and facilitating the sale to a Florida condo developer.

Grove Park in Orlando Refinanced for $1.525 Million

 Cohen represented Orlando-based Watson Real Estate & Management Inc. in the refinance of 89 condo units in Orlando for $1,525,000.  Grove Park (middle left photo) contains a total of 184 units, 125 of which were sold at an average price exceeding $125,000 per unit at the height of the market in 2006 and 2007. 

Since then, the developer has been acquiring previously foreclosed units at bargain basement prices from mostly Freddie Mac and Fannie Mae and now owns for the 50% of the project.  

Joint Venture Buys 375 Developed Lots for $15 Million

Cohen advised Charlotte-based Mountain Real Estate Capital in their $15 million joint venture with Shea Homes.

The joint venture purchased about 375 developed lots and excess land within the Cascades community (bottom right photo) located on U.S. Highway 27, just west of Orlando, from Bank of America.

 About 250 homes were previously developed and sold by Levitt Homes prior to their Bankruptcy.   Cohen was able to assist Mountain to underwrite and close the joint venture in 30 days.

 Cohen Real Estate Capital, LLC is a five-year old firm specializing in commercial real estate acquisitions, debt and equity financing, loan acquisitions and restructuring, asset management and valuations.

 Contact:  Todd Cohen, Principal, COHEN REAL ESTATE CAPITAL LLC
(407) 956-2544