In a GFI release, Jeffrey Granowitz, director of Acquisitions at GFI said the company "moved quickly to price and close the transaction in just three weeks time to meet the bank's year-end deadline." GFI says it is actively seeking acquisition opportunities and will acquire debt.
The properties securing the mortgages in North Miami include 140 residential units. Although the names of the properties were undisclosed, GFI tells GlobeSt.com that the project was acquired "at a high price as an intended condo conversion three years ago, no units were ever sold, and it will remain a cash flow multifamily rental."
Nonetheless, GFI realty services' executive vice president of acquisitions, Michael Weiser said in a release that "we intend to either work with the borrower to refinance these assets, or add them to our portfolio of over 100 properties that GFI currently owns and manages."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
