Franklin Street Announces Four Property Portfolio Sale in North and Central Florida

TAMPA, FL-- Franklin Street Real Estate Services is pleased to announce a note sale of a four property multifamily portfolio.

The communities are located in North/Central Florida. The note had an original face value of $9,165,000, originated in December of 2004. The properties were in Gainesville, Ocala, Havana and Starke, FL, and comprised a total of 356 units.

Franklin Street Partners Darron Kattan, (top right photo)  Bob Goldfinger and Kevin Kelleher represented the existing owner and, together with Alfredo Guardado of Assistance Realty International assisted all parties in the sale.

The buyer was a private partnership. The portfolio was in distress, with one property being vacant at the time of the note purchase and two others being vacated.

The properties were previously under a Project Based Section 8 Contract but these contracts were removed due to non-compliance reasons with HUD on three of the four properties. Franklin Street also negotiated on behalf of the owner to effectuate a transfer of title to the new note holder.

“This was a clear case of the lender not wanting to step into the chain of title and willing to discount the sale of the note significantly to make a deal happen,” said Kattan. “The properties had a variety of challenges, physically and operationally, and significant work and time will be required before the true value of the properties is realized.”

Contact: Mandy Force, Franklin Street Real Estate Services, Phone: 813.839.7300, Fax: 813.839.7330 5420 Bay Center Dr. Suite 100, Tampa, Florida 33609, http://www.franklinstreetfinancial.com/