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.
Continue Reading for Free
Register and gain access to:
- 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
© 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.