$30 Million Acquisition and Redevelopment of Lauderhill Apartment Complex

Priderock Capital Partners, LLC
Representation of an affiliate of Priderock Capital Partners in refinancing the Villas of Lauderhill, a Broward County, Florida, apartment complex valued at $30 million with a new $21 million loan by Freddie Mac. This project involved the acquisition of a hurricane-damaged property from a lender who had foreclosed on the development. We worked with the City of Lauderhill to obtain permits and approvals to repair and renovate the entire complex and we revising the ownership structure to fit within Freddie Mac guidelines.
John C. Sumberg
Founder, Chairman
Howard E. Nelson
Partner, Head of Environmental Practice
Handled the sale of over 2,000 REOs, with aggregate purchase prices in the billions of dollars, through both the negotiation and closing of individual sales and the structuring and sale by auction of multiple properties. The largest was approximately $216 million, which was the sale of a major hotel...
Representation of Oleta Partners, LLC, a joint venture comprised of affiliates of the LeFrak Organization and Turnberry Associates, in the successful negotiation of the long-term ground lease and complicated leasehold financing for a 185-acre brownfields redevelopment site in the City of North Miami...
Representation of the Official Committee of Unsecured Creditors in the chapter 11 case of Poinciana Development, a developer of more than 500 single family homes in Southwest Miami-Dade County, Florida, who ran out of construction financing and was unable complete the development of the last 34 home...