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Note Deals Take Off in South Florida

MIAMI-Investors, lenders and developers reach agreements for troubled real estate projects.

By Paola Iuspa-Abbott | Updated on October 20, 2009

(This story, in slightly different form, originally appeared in ALM’s Daily Business Review.)

MIAMI-When Robert Lechter heard Banco Popular North America was selling a note secured by a recently completed condo tower in Miami’s Brickell area, he knew it was no time to be timid. Lechter says he won the bidding with a $10.2-million offer for an $18-million note secured by the 62-unit Brickell Station Village.

Besides offering $1 million more than the second-highest bidder, he agreed to pay cash and to put down $2 million soon after Banco Popular accepted his offer. “I pursued it very hard,” says Lechter, principal of REMS. Group, a Hollywood-based developer. “In these transactions, you have to be aggressive.”

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