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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.

For comments, questions or concerns, please contact Amy Sorter


Inside The Story

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About Mark El-Rayes

Mark El-Rayes is an award winning designer and photographer from Beirut, Lebanon. El-Rayes has over 15 years in the design industry, 5 years of which he served as a Mass Communication Specialist in the United States Navy at Naval Air Station North Island, Navy Public Affairs Support Element - West (NPASE). El-Rayes is a full-stack developer, seo specialist, photographer, and artist.

  • ◦Financing
  • ◦Sale/Acquisition
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