DAYTONA-Marina Grande on the Halifax has received a $45 million, non-recourse first mortgage from a New York-based lender and a secured additional investment from a private equity fund. Four hundred fourteen condos were traded in the distressed deal.
Aztec Group Chairman Ezra Katz, Senior Managing Director Howard Taft and Director Charles Penan secured the acquisition financing and joint venture equity on behalf of The Swerdlow Group and Glenmont Capital Management. Volusia County property records show that the joint venture paid about $60 million for the note.
“This was a very complicated transaction,” Penan tells GlobeSt.com. “It was a note purchase and simultaneous acquisition of the remaining units from a bank that took possession of the property. Marina Grade is the largest and highest-end product in the market.”
Marina Grande offers 486 units within twin 243-unit, luxury high-rise residential towers. The new owners are planning to a $6 million improvement project that includes an 11,000-square-foot clubhouse, 32-slip marina, zero-entry resort-quality pool, state-of-the-art fitness center and other amenities to be completed by August.
The property already features a private lounge, gym facilities, an infinity swimming pool as well as 24-hour valet, security, and concierge services. The joint venture will sell some units at low prices—about a 50% discount form the original pricing.
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