(Read more on the multifamily market.)
NEW YORK CITY-Locally based Tarragon Corp. a mixed-use developer with a focus on multifamily housing, has completed the sale of three properties for a total of $91.4 million in the Southeast region. The properties include: the Vintage at Abacoa in Jupiter, FL; 100 E. Las Olas in Ft. Lauderdale, FL; and the Kennesaw Farms Apartments development in Gallatin, TN. A spokesperson tells GlobeSt.com that they cannot disclose the buyer at this time.
William Friedman, Tarragon's chairman and CEO, explains that “while our recent sales have been motivated by the need to reduce debt and increase liquidity in the face of very difficult market conditions, we realized a pretax profit of over $20 million on the sale of the Vintage at Abacoa.” The property, which the company built in 2003, will make up for some of the losses on recent transactions, according to Friedman in a prepared statement.
“We have fully implemented agreements…with several of our lenders to reinstate over $150 million of loans previously in default,” he adds. One of agreements he speaks of includes an agreement with Fannie Mae to reinstate a combined $79.6 million in loans it made to Tarragon. The company has restored loans from five other lenders totaling $56.6 million and has reached an agreement in principal with another lender to reinstate an additional $73.2 million in loans.
The Vintage at Abacoa is located at 863 University Blvd. and consists of units ranging from 605 sf to 1382 sf. The Kennesaw Farms Apartments at located at 1060 Kennesaw Blvd. and offer one-, two- and three-bedroom floorplans. 100 E. Las Olas is a 25-story residential tower with prices ranging from $600,000s to over $900,000. The 44 residences of 100 E. Las Olas average 1,640 sf.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
