Water's Edge Acquired by Concierge Asset Management

TAMPA-Water’s Edge Condominium, a 153-unit luxury development and the tallest building in downtown Clearwater, Florida, has been acquired by an affiliate of Concierge Asset Management of San Francisco. Of the 153 units, only 10 had been sold. The condominium was built by Opus South, which declared bankruptcy in 2009 and gave the tower, which at one time was worth about $100 million, back to Wachovia Bank in foreclosure. The developer had an $82 million mortgage with the bank.

Grant Wood, managing member of Stingray Asset Management, based in Clearwater, who is marketing the project, declined to reveal what Concierge Asset Management paid for Water’s Edge, but according to Pinellas County records, on July 1, 2010, the development was acquired by a Concierge Asset Management  affiliate.  In addition, Water’s Edge Real Estate Acquisition, LP, Water’s Edge Gulfport, FL, LLC and Water’s Edge Real Estate Associates, LP, took out a $14 million mortgage on the property from Ladder Capital Finance Portfolio, a Delaware-based company.