An all cash deal, the mortgage was purchased from the lenders at a discount to the outstanding debt. The actual price was not disclosed.UrbanLand Co., which handled the sales and marketing of the project under its former ownership will continue with Goldstar.
Goldstar tapped its recently formed subsidiary, Metropolis Capital Finance, to finance the deal. Metropolis CEO Cliff Mendelson, who joined the firm last year, says the Floridian met the profile of deals the company wants to make. "Our investors are thrilled to be involved in this project, which we hope will be the first of several in 2010," he says.Mendelson is one of a handful of new hires the company has brought on in recent months in anticipation of growing its investment platform this year.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
