$28 Million Acquisition and Redevelopment of Apartment Complex

Representation of Priderock Capital Partners in the $28 million acquisition of Exhale Boca Living, a failed condominium conversion project in Boca Raton, Florida. Our team assisted Priderock in its acquisition of the four-building, partially-renovated complex. The prior developer sold 25 of the 200+ units and then abandoned all work after the market downturn, leaving the complex in disarray and the 25 unit owners extremely angry. The Florida Attorney General filed suit against the prior developer, who in turn sued the City, and the developer's mortgage lender was preparing to foreclose. We worked with Priderock in (i) documenting a joint venture agreement with a Philadelphia group to acquire the development, (ii) acquiring both the unsold inventory and the 25 previously sold units, (iii) negotiating with the City to reissue the building permits, and (iv) closing on an acquisition and construction loan with a large institutional lender. Our team persuaded the City of Boca Raton to re-entitle the project for its intended purpose after development approvals and permits had lapsed, and advised Priderock on the permitting and reconstruction of the stormwater management system, as well as other water quality issues on site.