The Miami-based real estate development company expects to net about $2.5 million by selling the planned 60-unit luxury multifamily project.
National Residential will receive common stock valued at no less than $3.1 million in Vacation Ownership. The deal is subject to an existing first mortgage of $525,000.
There are interlocking directorates, common shareholders and business relationships between the two companies. For one, Miami-based Encore Builders Inc., a building contractor working on another National Residential project, is a subsidiary of Vacation Ownership.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
