An all cash deal, the mortgage was purchased from the lenders ata discount to the outstanding debt. The actual price was notdisclosed.UrbanLand Co., which handled the sales and marketing ofthe project under its former ownership will continue withGoldstar.
Goldstar tapped its recently formed subsidiary, MetropolisCapital Finance, to finance the deal. Metropolis CEO CliffMendelson, who joined the firm lastyear, says the Floridian met the profile of deals the companywants to make. "Our investors are thrilled to be involved in thisproject, which we hope will be the first of several in 2010," hesays.Mendelson is one of a handful of new hires the company hasbrought on in recent months in anticipation of growing itsinvestment platform this year.
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
*May exclude premium content
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.
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.
