Franklin Street Announces 2 Property Portfolio Note Sale

TAMPA, FL--: Franklin Street Real Estate Services is pleased to announce a note sale of a two property multifamily portfolio. The communities are located in Northeast Tampa.

The notes had an original face value of $6,180,000, originated in late 2006. The properties collateralized by the notes are Regency Palms Apartments, 89 units at 4113 E Linebaugh Avenue and Oasis Apartments, 61 units located at 1503 E 142nd Avenue.

Franklin Street Partners Darron Kattan, (top right photo) Bob Goldfinger and Kevin Kelleher represented both parties. The Buyer was a private partnership that owns apartments locally. The portfolio was in distress with physical and operational challenges. The Buyer had to move quick with minimal to no due diligence during the two week process.

“The lender had taken the foreclosure process to the finish line and sold the notes just before taking title to avoid additional costs and liabilities,” said Kattan.

“The Buyer of the notes wanted to own the properties, so they stepped into the shoes of the lender to finish the foreclosure process.

"The properties had a variety of challenges, physically and operationally, but the Buyer is a hands on operator that will turn them around quickly.”

Contact: Mandy Force, Director of Operations, 5420 Bay Center Drive, Suite 100 ▪ Tampa, FL 33609, Office: 813.839.7300 ext. 317 ▪ Fax: 813.839.7330, Direct: 813.658.3357, Cell: 813.695.2220, Email: Mforce@franklinstreetfinancial.com