NORTH PORT, FL-A subsidiary of Bank of America has sold the 312-unit Riley Chase apartment complex here for nearly $20 million to an Orlando-based firm.
Lakes at North Port LP, managed by Avery Palevsky, purchased the property from the B of A subsidiary—Riley Chase Apartments LLC, for $19.7 million, The deal was financed with a $14.6-million loan from General Electric Capital Corp., according to the Herald Tribune.
The complex was formerly owned by Vestcor Development Corp., a Jacksonville-based firm that defaulted on a $13.5-million loan from Bank of America in June 2009. See story in the Herald Tribune.
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