SAN ANTONIO-Following a close to year-long negotiation, locallybased Lynd Co. and partner Florida ValuePartners of Miami Lakes, FL closed on a court-appointedreceivership sale, handled by CBRE, of 3,241units. The value of the CMBS loan on the 11-property portfolio was$200 million, though the actual transaction sales price wasundisclosed.

"This involved one borrower who consolidated all his deals, thenpetitioned the court to handle this one case," comments A.David Lynd, president and COO of Lynd Co. The buyconsisted of 11 properties in Florida, Georgia, South Carolina,Texas, Virginia, California and Colorado.

Lynd used capital from a co-investment fund recently establishedwith FVP to buy the unpaid principal. "All the assets werecash-starved," Lynd tells GlobeSt.com. "They'reall in strong apartment markets, but because the assets wereoverleveraged and the borrower had no capital to do capitalexpenditures, there wasn't enough capital for improvements and theborrower, in turn, couldn't get higher rents." Lynd goes on to saythat an $8 million rehabilitation plan is in place.