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Falcon Lake Apartments Deal Took Hustle

JACKSONVILLE, FL-The $23-million, all-cash deal involved persistence in getting through to lenders.

By Carl Cronan | Updated on January 18, 2010

JACKSONVILLE, FL-Think you have problems getting through to the right person at your bank? Try being an apartment investor offering cash for a distressed asset with the ability to close quickly.

That’s the situation Dallas-based Gulfstream Capital Partners faced in its recent $23-million acquisition of the 440-unit Falcon Lake Apartments at 11701 Palm Lake Road in Jacksonville. The closing price, around $52,000 per unit, is roughly half of the $45 million that Falcon Lake’s developer, Boca Raton-based Falcone Group, put in when the 435,700-square-foot complex opened in October 2008.

JPMorgan and Key Bank held a $35-million mortgage on the property, which Gulfstream’s principals had pursued previously in 2009 and was secured by another group. It became available later when that deal fell through, but this time it required a year-end closing, according to Frank Howard, managing principal of the real estate investment management firm.

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