First Market Properties (FMP) negotiated a deal to acquire notes worth $15.6 million from one of the nation’s largest banks, within a span of just two weeks. The dollar amount involved in the transaction is significant for South Florida debt.
The deal, which closed August 3, was for non-performing loans on 17 multi-family properties in Miami Dade and Broward Counties. The over-leveraged properties ranging from 5 to 40 units, are another indication of fallout from the hot real estate market of 2006-2007 when properties were refinanced or changed hands at the peak.
“This transaction shows that the market for non-performing loans is still strong for experienced buyers who have the ability to work with banks on cash deals which can close quickly,” says dealmaker Kurlansky, a veteran financial analyst and mortgage broker.
First Market Properties will now focus on several options for the best exit strategy for the properties and will also seek interested buyers and investors.
First Market Properties of New York and Florida, headed by David Brecher, is a full service real estate sales and asset management investment company specializing in buying non-performing residential and commercial debt and disposing of bank-owned real estate.
For further information contact Aaron Kurlansky or visit www.firstmarketproperties.com