TAMPA-On May 10th, Behringer Harvard, a sponsor of non-traded publicly-registered REITs, took possession of the Palms of Monterrey, a 408-unit apartment community in Ft. Myers by foreclosing on the senior debt, which it had purchased last fall. The property is about 100 miles south of Tampa.
Last October, Behringer Harvard Opportunity REIT II, Inc. purchased, through a joint venture with a separate partnership, Tampa-based DeBartolo Development and Tyler Christian Properties, a promissory note secured by the first lien mortgage on the property for $25.4 million, plus closing costs, from the FDIC, which acted as receiver for Chicago-based Corus Bank, N. A.
The original Corus loan was for $69 million. The lender was taken over by the FDIC last September.
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