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.
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.
