HUTCHINSON ISLAND, FL-It’s been rightly said that they aren’t manufacturing any more waterfront land. That’s one reason why Carlton Exchange is expecting plenty of action on the auction of a $24-million loan secured by 43.7 acres of prime intracoastal waterfront land in Hutchinson Island.
The site offers 17 single-family home lots directly across AIA from the Atlantic Ocean, with 1,200 linear feet of direct Intracoastal waterfront in Martin County, north of Palm Beach County. Investors can bid on the non-performing loan sale, which has about $24 million in unpaid principal balance, at a discount.
“A parcel of this size with 1,200 linear feet on the intracoastal waterfront does not come on the market very often,” JP Josephson, managing director of the Carlton Group, tells GlobeSt.com. “Martin County has a very restrictive growth policy and having a zoned, entitled, ready to go vertical, piece of land of this size, that would have ocean and intracoastal views from each home, is a rarity. Additionally, the property has approval for an elevated walkway or pier and 12 boat slips accommodating 60-foot boats.”
The property has been approved for 17 single-family homes with deeded private beach access. The sites range from one half acre to one acre. Twelve home sites offer direct intracoastal views with 12 deeded boat slips for up to 60 boats. Access to the Atlantic Ocean by boat is about three and a half miles south via the St. Lucie Inlet.
The towns of Jupiter and Palm Beach lie to the south of the land. Vero Beach and
Port St. Lucie are to the north. There is a Publix supermarket anchored plaza and the Hutchinson Island Marriott Beach Resort and Marina, a 200-acre resort with an 18-hole golf course, beaches and marina.
Carlton says the Hutchinson Island loan seller will provide financing to qualified bidders in the form of debt or equity and can provide future funding for construction costs. The bidding ends on Feb. 18. But expect more from Carlton in 2011.
“We anticipate a very busy 2011,” Josephson says. “There is approximately $300 billion of commercial real estate loan maturities this year, and another $340 billion next year. With the existing gap in market values today with the amount of debt coming due, we anticipate a very active distressed debt market this year and next.”
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