FORT LAUDERDALE, Fla. – Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced that broker Reese Stigliano (top right photo), SIOR, represented investor Stefan Hoyer of Hoyer Homes, LLC, in the purchase of a 65-acre parcel in Palm Bay, Fla., for $1.575 million from CRM Florida Properties, LLC, an entity formed by SunTrust Bank.
Located in the a master-planned, mixed-use development of Bayside Lakes, the 65-acre parcel consists of 210 single family home lots, with 101 lots in the Amberwood division and 109 lots in the Wellington division.
Stigliano also assisted Hoyer Homes in making a deal with the City of Palm Bay to reinstate the utility agreement and reduce past due fees to $250,000 from more than $1 million. In addition, they reached a settlement with the city to waive past due property owners association fees of $250,000 and reduce annual fees going forward.
Hoyer Homes plans on land banking the property with the intent to sell lots in a takedown arrangement to publicly traded homebuilders, thereby eliminating the homebuilder’s expensive land development infrastructure cost and interest carry.
This is Stigliano’s second transaction with Hoyer Homes. He represented Stefan Hoyer in the purchase of a 53-acre property in Miami-Dade county in 2010.
Contact: Marielle Sologuren, Pierson Grant Public Relations
(954) 776-1999, ext. 226, msologuren@piersongrant.com
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