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Client: Scotia Bank as Agents, New York, NY
Property Description:
420 unit Luxury Condominium Project | West Palm Beach, FL
Assignment Summary:
Throughout 2009-2010, Atlantic Western provided asset management and strategic advisory services to the lender group that foreclosed on its $134,700,000 mortgage secured by this property. Atlantic Western assisted the lender in the recovery and ownership operation of the asset, including formation and execution of a comprehensive business plan and budget for the property and association management, leasing, and retail sale program for the individual condominium units. Atlantic Western’s president also served as an officer and director of the association’s board. The assignment was completed through the bulk sale of the remaining 305 units for $67,000,000; representing one of the highest bulk sale recoveries in the market.
Client: St. Ann's Catholic Church, West Palm Beach, Florida
Property Description:
Transfer of Development Rights
Assignment Summary:
Atlantic Western was engaged to provide advisory services to St. Ann's Church in connection with the very first creation and sale of TDR/"Air Rights" in downtown West Palm Beach. Atlantic Western assisted in the sale of TDR's; which were sold to Kolter for the development of City Plaza, a 15 story condominium project in West Palm Beach, Florida.
Client: Ironwood Properties
Property Description:
Magnolia Townhome Development | Dixie Highway and Olive Avenue | West Palm Beach, Florida | 60 Unit Luxury
Assignment Summary:
Atlantic Western was engaged as an exclusive advisor to provide underwriting and equity finance origination services for this $25,000,000 for-sale urban townhome development in downtown West Palm Beach. Atlantic Western assisted the owner with underwriting and in arranging both the debt and equity that successfully financed this project.
Client: Emmes Asset Management, New York, NY
Property Description:
Carol City Apartments | 57th (Red Road), Carol City, FL | 150 units
Assignment Summary:
As exclusive agents for Emmes, Atlantic Western was engaged to execute a marketing and sales program for this HUD subsidized apartment complex in Carol City, Dade County. The sale was completed within 6 months for $2,400,000, to a local private investment group on an all cash basis.
Client: Emmes Asset Management, New York, NY
Property Description:
Grand Cru Apartment Portfolio | Broward County, FL | 6 properties, 388 units
Assignment Summary:
Atlantic Western was engaged by Emmes to assist in their purchase of these apartments as part of a larger portfolio. Subsequently, Atlantic Western was appointed exclusive listing agents in the marketing and sale of these six properties.
Client: Ocean Properties, Boynton Beach, FL
Property Description:
Carriage Homes of Boynton | Congress Avenue, Boynton Beach, FL | 466 units - class A apartments
Assignment Summary: Atlantic Western provided loan and asset sale advisory services to the owner of this class A, 466 unit apartment community which assisted in the discounted prepayment of institutional secured debt and the property's sale for $30,800,000.
Client: Midlantic National Bank, Edison, NJ
Property Description:
Boca Palms Racquet Club | Boca Raton, FL | 226 unit Garden Apartment Complex
Assignment Summary: As asset managers for Midlantic, the staff at Atlantic Western provided comprehensive loan workout services in connection with the foreclosure and troubled debt restructuring of a $12,000,000 single borrower exposure, which included this project. The successful work-out engineered by Atlantic Western's staff included financing the completion of this project, and facilitated the entire exposure's sale to General Electric as part of a $225,000,000 portfolio sale, which was also executed by Atlantic Western's staff.
Client: Midlantic National Bank, Edison, NJ
Property Description:
Inverrary Gardens | Inverrary Blvd., Broward County, FL | 766 units - condominiums and apartments
Assignment Summary: Atlantic Western's staff as asset managers for Midlantic provided the workout and REO advisory services responsible for the recovery, management, leasing and sale of this multi-phase, mid rise residential complex. The $16,250,000 sale of this asset was completed within 12 months of assignment.