MIAMI-In February, Lynd Co.’s sister company, Easton Lynd, purchased $62 million worth of notes on 14 office, industrial and retail properties across eight states. Now, Lynd is closing the year with another $49 million worth of multifamily notes.

Lynd just snapped up the unpaid principal balance on three notes for three multifamily properties in Florida. The properties are in Tamarac, Miami and Jacksonville and include 945 units. The seller was LNR Property LLC. Lynd paid cash for the notes and closed within five days of going to contract.

“All three properties were located in submarkets with strong fundamentals,” David Lynd, president and COO of Lynd Co., tells GlobeSt.com. “Occupancies at all three properties were in the low- to mid-90% range.”

Lynd declined to disclose the name of the properties, but he did hint that the firm is not nearly done acquiring distressed assets and notes. He expects more opportunities in 2012 and beyond.

Each year through 2015, there will be $250 billion to $300 billion in loans that will come due on office buildings, malls, shopping centers, manufacturing facilities, warehouses and other commercial properties, according to PriceWaterhouseCoopers.

“Many banks and CMBS servicers have pushed off foreclosures of most of these bad notes,” Lynd says. “There are $550 billion of expirations coming due over the next 18 to 24 months. With CMBS not performing well right now, there’s no financing to refinance these deals.”

Since January of this year, Lynd has purchased more than $400 million worth of unpaid principal balances on distressed real estate notes. Lynd says the firm still has about $150 million in equity to spend on distressed real estate in the multifamily space.