MIAMI-First Market Properties, a real estate companyspecializing in buying and selling distressed assets, purchased$15.6 million in multifamily debt on August 3. The all-cashpurchase was for non-performing loans on 17 properties inMiami-Dade and Broward Counties.
The seller was J.P. Morgan Chase, according to industry sources,who also estimate that the debt was purchased at an approximately50% discount.
Now that First Market Properties, which has offices in Floridaand New York, has purchased the loans, the firm plans to sell themto other investors or finish foreclosing on the properties and sellthem, says Aaron Kurlansky, head of South Florida acquisitions forthe firm.
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