The new owner of the Vue units was not identified, though the Orlando Business Journal reports the name as Condo Developer LLC, a Delaware corporation formed earlier this month. The 36-story, 375-unit tower was built in 2007 in Downtown Orlando.
The developer Vue Orlando LLC filed for federal bankruptcy protection last November. It owes $53 million through a single mortgage note shared by several banks.
Cushman & Wakefield worked with Fisher Auction Co. to market Vue's available units, for which bidders were required to sign a non-contingency contract of no less than $20 million to participate. A short timeframe of only two months was allowed to complete the sale.
More than 250 groups signed confidentiality agreements on the property, with at least 50 potential buyers touring the condos, according to Jay Ballard, senior director with Cushman & Wakefield. The auction drew inquiries from investors throughout the US and at least 11 other countries, he says.
"Our buyer ultimately came from out of the country and we were able to achieve 104% of fair market value for the bankruptcy court," says Ballard, who worked with C&W director Kevin Delvillar to market the Vue units. "In this real estate market, that is outstanding."
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