NY Buyer Pays $28M for Fractured Condo
A New York buyer operating under the name Crosswynde Owner LLC acquired 252 units of the 453-unit Crosswynde Apartments. The investor paid the Rhode Island seller $28.3 million for the units at 1502 Marsh Cove Court in Tampa, FL. Crosswynde was a failed condominium conversion from the 2007 crash of the real estate market.
Vertica Commercial Advisors facilitated the sale between buyer and seller. Pembrook Capital Management LLC closed $8.8 million of preferred equity financing for the acquisition and renovation of the units. The new owner is planning to upgrade the units for rent. Total capitalization of the investment is $39 million, including the Pembrook funds, a first mortgage bridge loan and sponsor equity.
Crosswynde delivered in 2001 and the seller acquired the 252 units for $16.2 million in 2013 as part of a portfolio transaction, and through one-off sales. Most of the just-acquired units are one-, two- and three-bedroom units.
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