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FM Capital Closes on Multifamily Loan in Jackson Mississippi Arlington Apartments FM Capital has acquired a non-performing loan with a current unpaid principal balance of roughly $3M. The debt is secured by a multifamily property in Jackson, MS. [ Read More ]
Arlington Apartments is a 97 unit multifamily property in Jackson, MS built in 1972. This B class property is has high visibility and is located near multiple retail centers with easy access to Jacksons main roads. Property amenities include a pool, pool deck, and tennis court. The debt has a current unpaid principal balance of roughly $3 million and is non-performing.
First Market Properties Closes on Two South Florida Loans in Less than 30 Days An affiliate of First Market Properties LLC (FMP) has acquired two performing loans with a combined current unpaid principal balance of more than $2.5M. The debt is secured by two well-located multifamily properties in Miami, FL. [ Read More ]
Piedra Villas is a 28 unit multifamily property in Miami, FL built in 1930. This 100% occupied property is located in “Calle Ocho” and is near the center of Little Havana. The property is located on the main street and has retail spaces on the first floor and rental apartment units on the second and third floors. The debt has a current unpaid principal balance of roughly $1.5 million and is currently performing.
Sarika Apartments is a 30 unit garden style multifamily property in Miami, FL. The property was built in 1964. The property has been well maintained and the owner recently made capital improvements on the interior of the building. The debt has a current unpaid principal balance of roughly $1.1 million and is currently performing.
First Market Properties Closes on Two South Florida Loans in Less than 30 Days An affiliate of First Market Properties LLC (FMP) has acquired both a performing loan and a non-performing loan with a combined current unpaid principal balance of roughly $12M. The debt is secured by a 148,214 square foot industrial park in West Palm Beach, FL and a 25,574 square foot office building in Miami, FL. [ Read More ]
Okeechobee Industrial Park is a 148,214 square foot industrial park built in 1975. This 80% occupied complex is located right off of I-95 and is one block north of the Palm Beach International Airport. The property consists of 11 buildings sitting on 8 plus acres of land. Units have high ceilings, overhead doors and ample parking. FMP is in the process of foreclosing on the property. Once foreclosed within the next few months, FMP will begin improving the property and stabilizing the asset.
Bluth Plaza is a 25,574 square foot office building built in 1985. This well maintained 3 story property is located in the active Miami Gardens neighborhood in Miami, FL. It has great visibility from a high trafficked street and is conveniently located near the FL Turnpike and I-95. This performing debt has a fixed interest rate of 5.75%.
First Market Properties Acquires Loan on Annapolis Office Building An affiliate of First Market Properties LLC has acquired a nonperforming loan with an unpaid principal balance of approximately $7M. The debt is secured by a 31,100 square foot office building in Annapolis, MD. [ Read More ]
Annapolis Plaza is a 31,100 square foot office-building complex built in 1980 and heavily renovated in 2002. This plaza is centrally located in the heart of Annapolis’s main retail shopping corridor and sits across from Nordstrom entrance to the Westfield Annapolis Mall. The property has easy access to Highway 301; is well maintained; and includes a loading dock, benches and tables in the back yard for office employees, and abundant parking. This matured non-performing note has a fixed interest rate of 5.95%.
First Market Properties Acquires Performing Loans in TN & OH First Market Properties LLC has acquired two performing loans with a combined unpaid principal balance of approximately $5M. The debt is secured by a 15,400 square foot retail shopping center in Memphis, TN and a 64,043 square foot office building in Brooklyn Heights, OH. The notes were sold by a Life Insurance Company. [ Read More ]
Hacks Cross Lodge is a 15,400 square foot retail shopping center built in 2005. The property is well located near FedEx World Headquarters in the prestigious Germantown suburb area of Memphis, TN. This newly built upscale retail development features glamourous French country architecture and has unique high-end finishes, such as stone arches and columns and lush landscaping. This performing debt has a fixed interest rate of 6.35%.
Brooklyn Heights Business Park is a 64,043 square foot office-building complex built in 1999. This business park is centrally located in the greater Cleveland area, is conveniently located near the main freeways, and is visible from I-480. It is located on a 5.7 acre plot. This complex consists of two single story office/flex buildings with an appealing brick visage, numerous windows, and a spacious parking lot. This performing note has a fixed interest rate of 5.41%.
First Market Properties Acquires Loan on a Memphis Econo Lodge First Market Properties LLC has acquired a nonperforming loan that has an unpaid principal balance of approximately $5M. The debt is secured by a 112 room, flagged Econo Lodge. [ Read More ]
Memphis Econo Lodge is a 64,748 square foot 112 room Econo Lodge built in 1957. The hotel sits above a six story parking garage that serves the hotel and surrounding businesses. The property is well located in the heart of downtown Memphis, TN and has full views of downtown Memphis and the Mississippi River. The hotel is a few blocks away from the lively historical areas of Beale Street and Riverside Drive.
First Market Properties is actively pursuing maturity defaulted loans and performing debt on commercial real estate nationwide.
First Market Closes on More than $350M and Approximately 5,700 Units in 2014 First Market Properties LLC closes on more than $350M in debt and equity acquisitions in 2014. This encompasses 45 assets totaling 5,700 multi-family units and 500,000 net rentable square feet of mixed commercial space. This was accomplished via 35 transactions throughout the year. [ Read More ]
Equity Acquisitions. In 2014, FMP closed on more than $250M in equity acquisitions, buying 20 properties in 10 transactions. This includes the purchase of 20 distinct properties totaling 3,500 multifamily units and 125,000 NRSF of development space. The properties are located throughout the mid-west, central, and eastern regions of the United States.
Debt Acquisitions. In 2014, FMP closed on $100M in debt acquisitions. This was done through purchasing 25 different notes. These performing and non-performing notes are secured by 25 commercial buildings; more than 2,200 multifamily units; and 360,000 NRSF of retail, office, and hotel space. The majority of these transactions closed in less than 10 business days. These properties are located throughout the entire United States.
First Market Properties is actively pursuing value add and opportunistic equity investment opportunities, maturity defaulted loans, and performing debt on commercial real estate nationwide and internationally.
FMP will be at the National Multifamily Housing Council (NMHC) Apartment Strategies Outlook Conference this January in Palm Springs, CA. Contact Joe Fishman at (305) 722-6182 or jf@firstmarketproperties to discuss buying and selling opportunities.
First Market Properties Buys Orlando Loan with $2.2 Million Unpaid Balance. First Market Properties LLC has acquired a loan with an unpaid principal balance of approximately $2.2M with a fixed interest rate of 4.8%. [ Read More ]
The mortgage is secured by a multifamily apartment complex and closed all cash in under 2 weeks. Royal Place is a 100 unit multifamily apartment complex in Orlando, FL. The 90,190 net rentable square feet apartment complex was built in 1969. At the time of acquisition, the property was experiencing an 85% occupancy rate. The mortgage is currently in foreclosure.
First Market Properties Buys Two Loans with a Combined Balance of More Than $8M First Market Properties LLC has acquired two loans with a combined unpaid principal balance of approximately $8M with an average fixed interest rate of 6.02% The mortgages are secured by a retail shopping center and an apartment complex. [ Read More ]
Both mortgages closed all cash in under 15 days. Shoppes at Trickum is a 49,900 net rentable square feet retail shopping plaza in Woodstock, GA. The lot size is 10.47 acres and shadow anchored by a 207,000 square foot Wal-Mart. Current tenants include Dollar Tree, Radio Shack, Rue21 and CNL Credit Union. The acquired note has an unpaid principal balance of roughly $5.9M and a fixed interest rate of 5.82%.
Southwind Apartments is a 100 unit complex in Pearl, MS. The 103,860 net rentable square feet apartment development was built in 1969. At the time of acquisition, the complex had an 86% occupancy rate. The unpaid principal balance at the time of acquisition was more than $2.1M with a fixed interest rate of 6.6%. First Market Properties is actively pursuing maturity defaulted loans and performing debt on commercial real estate nationwide.
First Market Properties Buys Loan on 258-Unit Apartment Complex in Little Rock, AR An affiliate of First Market Properties LLC has acquired a loan with an approximate unpaid balance of $7.2M. [ Read More ]
The mortgage is secured by a 258-unit multifamily property in Little Rock, AR.
The multifamily property, known as “Westland Apartments,” is located at 418 Markham Mesa Dr, Little Rock, AR. It was built in 1980 and is approximately 195,740 square feet.
The transaction closed all-cash and in 10 days from contract signing.
First Market Properties Purchases Bonds in Kansas An affiliate of First Market Properties LLC has acquired the defaulted bonds on two multifamily properties in Kansas. [ Read More ]
The first property, known as Valencia Hills, is a 352-unit, Class B apartment complex located at 6527 Reeder Street, Shawnee, KS. The second property, known as Antioch Woods, is a 90-unit, Class B apartment complex located at 8710 W 106 Terrace, Overland Park, KS. Both properties were built in the 1960’s but were rehabbed in 2000.
The transaction closed all-cash and in under 10 days from contract signing. In the coming weeks, FMP plans to take possession of the properties and to begin to stabilize the assets.
Hollywood-based First Market Properties Buys Multifamily Property in Little River Area Hollywood-based First Market Properties LLC (FMP) has closed on the acquisition of a 16-unit garden style apartment complex at 575 NE 82nd St, Miami, FL. FMP purchased the property for $1.35M. [ Read More ]
The 82nd street complex was built in 1950, but rehabbed in 2013, and is 8,933 square feet. The property is located in an up and coming area where multiple development projects are in the works. “We’re excited about this building,” said FMP’s principal Aaron Kurlansky. “Because of the increasing rents in areas like Wynwood and Edgewater, tenants are being priced out. As a result, businesses are starting to move north on Biscayne Boulevard and are gentrifying the Little River area.” In addition, FMP’s new property at 82nd Street is just blocks away from the federal immigration headquarters at 7880 Biscayne Boulevard, which is slated to become a chic 135-room hotel.
FMP Buys Industrial Building in Red Hook for $21.5M First Market Properties LLC (“FMP”), along with its partner PWR Realty, has purchased a three-story industrial building at 160 Van Brunt Street, in Red Hook, for $21.5 million. [ Read More ]
The building, which FMP purchased from a large ship engine repair company, is 98,650 square feet and is located near the Brooklyn waterfront in Red Hook.
FMP plans to renovate the building, which is adjacent to the entrance for the Brooklyn Battery Tunnel, and to reposition it as a space for creative office and retail tenants.
FMP is in the process of leasing the space and is aiming to be ready for occupancy in mid 2015.
This is FMPs second acquisition in the area. Earlier this year, FMP acquired an industrial building at 68-80 3rd Street in Gowanus. As with the Red Hook property, FMP plans to reposition the Gowanus building into office and retail space.
First Market Properties Buys Four Multifamily Properties in Columbus First Market Properties LLC (FMP) has closed on the acquisition of a 682-unit multifamily portfolio in Columbus, Ohio. [ Read More ]
The portfolio consists of four properties totaling 158,424 square feet.
The first property, Abbington Village, is located at 988 Muirwood Village Drive, Columbus, OH. The second property, Ashley Village, is located at 2272 Sunshine Place, Columbus, OH. The third property, Chatham Village, is located at 2315 Muirwood Drive, Columbus, OH. The fourth and final property, Courtship Village, is located at 1503 Monmouth Street, Lancaster, OH.
FMP plans to make immediate interior and exterior upgrades to the property to increase rents and cash flow.
First Market Properties Buys Multifamily Property in Roanoke, VA First Market Properties LLC (“FMP”) has closed on a 182-unit B class apartment complex, known as the Frontier Apartments, in Roanoke, VA. [ Read More ]
The property, which was built in 1972, is located at 4426 Plantation Rd NE, Roanoke, VA 24012. It is 138,680 square feet.
FMP purchased the property for $8.8M. Arbor Commercial Mortgage provided a $7.2M fixed rate Fannie Mae loan.
At closing, the property was 96% occupied. FMP plans to value add the asset by upgrading the property and improving the rental rates.
First Market Properties Buys Two Loans with an Approximate Unpaid Balance of $5.3M in Arkansas First Market Properties LLC (“FMP”) has acquired two non-performing loans that are valued at approximately $5.3M and have a current interest rate of LIBOR + 2%. [ Read More ]
The mortgages are secured by multifamily properties in Arkansas.
The first loan is on a 48-unit garden style apartment complex located at 2212 Lacari Road, Magnolia, AR. The property was built in 1982 and is approximately 145,255 square feet. The loan had an approximate unpaid balance of $1.2M.
The second loan is on a 160-unit multifamily property located at 4303 County Ave, Texarkana, AR. The property was built in 1983 and is approximately 145,255 square feet. The loan had an approximate unpaid balance of $4.1M.
The transaction closed all-cash and in under 10 days from contract signing.
This is FMP’s second loan purchase in Arkansas in the last 60 days. In July 2014, FMP acquired two non-performing loans valued at $7.5M that are secured by multifamily properties in Little Rock, Arkansas.
First Market Properties Buys Loan Valued at $2.2M First Market Properties LLC has acquired a loan valued at $2.2M and has an interest rate of 6.00%. [ Read More ]
The mortgage is secured by a retail shopping center in Fresno, CA.
The shopping center is located at 3656-3678 W Shaw Ave, Fresno, CA. It was built in 2003 and is approximately 14,040 square feet. The retail complex is anchored by Walmart and Target.
The transaction closed all-cash and within days from contract signing.
First Market Properties Buys Non-Performing Loan in Richmond, VA First Market Properties LLC has acquired a non-performing loan that is valued at approximately $1,900,000 and has a current interest rate of 6.47%. The mortgage is secured by a retail shopping center in Richmond, VA. [ Read More ]
The property is scheduled for foreclosure auction at the end of this month.
The retail shopping center was built in 1997 and is located at 9460 W. Broad Street, Richmond, VA. It is approximately 8,120 square feet, and is anchored by Kroger and Sam’s Club. Other tenants include TCBY, Leisure Fitness and Qdoba.
The transaction closed all-cash and in under two weeks from contract signing.
First Market Properties Buys Industrial Building in Gowanus First Market Properties LLC (“FMP”), along with its partner PWR Realty, has purchased a 90,000 square foot industrial building at 68-80 3rd Street, Gowanus, New York. FMP purchased the property for more than $20M in November 2014. [ Read More ]
FMP purchased the property with plans to restore it, and as depicted in the renderings above, is in the process of adding trendy retail and office space to the building. “We’re excited about this project,” said FMP’s principal Aaron Kurlansky. “The lower rents and industrial architecture in Gowanus are attracting startups that previously would have moved to trendier areas of Brooklyn, such as Williamsburg.” In addition, the 3rd street building is just blocks from Brooklyn’s first Whole Foods, which will attract health and wellness tenants to the space.
FMP has already leased over 43,000 square feet to Genius (formerly, Rap Genius), an online-annotation company, which is currently located in Williamsburg. FMP is in the process of leasing the remaining space and is aiming for a January 2015 occupancy.
First Market Properties Buys Two Performing Loans Valued at $3.4M in Illinois First Market Properties LLC has acquired two loans that are valued at approximately $3.4M and are currently performing at a rate of 7.00%. [ Read More ]
The mortgages are secured by a retail shopping center and a single family residence in Illinois.
The shopping center is anchored by Ace Hardware and is located at 855 South Ridge Rd, Minooka, IL. It was built in 2003 and is approximately 31,290 square feet. The single family residence is located at 3755 North Lois Ct., Morris, IL. It was built in 1992 and is approximately 2,387 square feet.
The transaction closed all-cash and in under 3 weeks from contract signing.
First Market Properties buys multifamily property in Miami Beach Hollywood-based First Market Properties LLC (FMP) has closed on the acquisition of a 26-unit garden style apartment complex at 331 85th street in Miami Beach, FL. [ Read More ]
FMP purchased the property, which was REO, for $2.3M. BAC Florida Bank provided a mortgage of $1.5M.
The 85th street complex was built in 1945 and is 18,080 square feet. At closing, the property was approximately 70% occupied. FMP plans to immediately implement both interior and exterior upgrades to the property.
This is FMP’s second purchase transaction in South Florida in the past 30 days. In June, FMP purchased the loan on a 51 room motel known as the Whitehouse Inn located at 2305 NE 123rd St in North Miami, FL. The loan had an approximate unpaid balance of $4,750,000. The transaction closed all-cash and in under ten days from contract signing.
First Market Properties Buys Non-Performing Loan in North Miami, FL MIAMI- An affiliate of First Market Properties LLC has closed on a non-performing loan on a 51 room motel known as the Whitehouse Inn located at 2305 NE 123rd St in North Miami, FL. The loan had an approximate unpaid balance of $4,750,000. The transaction closed all-cash and in under ten days from contract signing. [ Read More ]
MIAMI- An affiliate of First Market Properties LLC has closed on a non-performing loan on a 51 room motel known as the Whitehouse Inn located at 2305 NE 123rd St in North Miami, FL. The loan had an approximate unpaid balance of $4,750,000. The transaction closed all-cash and in under ten days from contract signing.
First Market Properties Buys Performing Loan in Denver, CO MIAMI- An affiliate of First Market Properties LLC has purchased the first lien mortgage on a 28 unit C Class apartment complex in Denver, CO. [ Read More ]
The property was built in 1972 and is comprised of two smaller complexes located at 1511 W 70th and 4950 Morrison Rd. The loan carries a balance of approximately $1.1M and is currently performing at a rate of 6.5%. FMP plans to work with the owner to restructure their debt.
First Market Properties Buys Debt on Two Adjacent Apartment Complexes in Little Rock MIAMI- An affiliate of First Market Properties LLC has closed two non-performing first lien mortgages on the apartment complex’s known as Pine Garden Apartments and Quail Valley Apartments in Little Rock, Arkansas. [ Read More ]
Pine Garden Apartments is located at 6414 Baseline Rd and is 137 units with an approximate unpaid balance of $2.2M; Quail Valley Apartments is located on 5300 Baseline Rd and is 240 units with an approximate unpaid balance of $5.3M. At the time of closing, the properties were about 50% occupied. This transaction was completed all cash and within one week from contract signing.
First Market Properties Buys a 240 Unit Apartment Complex in Charlotte NC MIAMI- An affiliate of First Market Properties LLC has closed on a 240 unit apartment complex in Charlotte, NC. [ Read More ]
The property, known as Somerset Apartments is located at 1400 Ventura Way. This asset was purchased off market and was negotiated directly with the Seller. “We found a situation where the seller was absentee and wanted to sell the asset immediately. We offered him assurance of closing and a fair price.” says FMP’s Principal, Aaron Kurlansky. The property was approximately 80% occupied at the time of closing. FMP plans to continue to upgrade the asset in order to increase occupancy and performance. This is deal adds to FMP’s large portfolio in Charlotte.
First Market Properties Originates Loan on an Apartment Complex in North Miami MIAMI- An affiliate of First Market Properties LLC a has originated a first lien mortgage on a 16 unit multifamily complex in North Miami, Florida. [ Read More ]
The approximate loan was approximately $800,000 and the loan closed in under two weeks. The collateral consists of a well located and occupied complex on 125th street in North Miami, FL.
First Market Properties Buys Office Building Loan in Cleveland, OH MIAMI- An affiliate of First Market Properties LLC has purchased the first lien mortgage on a B Class mixed-use complex in Cleveland, OH. [ Read More ]
The property, known as Playhouse Square is located at 1220 Huron Rd NE in Cleveland, OH. The building is 100,800 net rentable square feet and currently 30% occupied and in the midst of a rehab. The loan was originated in 2011 and matured on June, 12013 with an approximate unpaid balance of $1,700,000.
FMP is a fully integrated real estate investment firm with offices in Florida and New York looking to originate first lien debt, purchase loans and REOs nationwide.
First Market Properties Buys Non-Performing Loan in Weston, FL MIAMI- An affiliate of First Market Properties LLC has closed on a non-performing loan on a newly constructed retail center in Weston, FL. [ Read More ]
The property, known as Shoppes at North Lake was built in 1997, is approximately 75% occupied and is just under 20,000 square feet of leasable space. The transaction closed all-cash and in under ten days from contract signing.
FMP plans to offer this asset for sale as an approved lender controlled short sale. “The location and construction will allow for a local investor to acquire the real estate at a low basis and stabilize the asset with says FMP’s Principal, Aaron Kurlansky.
First Market Properties Buys Non-Performing Loan in New York City MIAMI- An affiliate of First Market Properties LLC has closed on a non-performing loan with an unpaid balance of approximately $6,800,000. [ Read More ]
The loan is collateralized by three luxury condominiums in Manhattan’s Upper West Side and one single family home in the Hampton’s. The transaction closed all-cash and in under one week from contract signing.
First Market Properties Closes on a REO Portfolio of 1,188 Units in the Washington DC Metro Area First Market Properties (FMP) has closed on a loan portfolio of five properties in the Washington DC Metro area. [ Read More ]
The purchase, completed on February 25, 2014, includes several B Class apartment communities totaling 1,188 units.
This purchase was FMP’s second large portfolio purchase in the DC/ Maryland area in the last 12 months. In April 2013, FMP closed on another REO portfolio consisting of 1,082 C Class apartments in the Hyattsville, MD submarket. First Market Properties principal, Aaron Kurlansky states, “The deal fundamentals were strong and the portfolio characteristics are in line with our other assets. In addition, this transaction has allowed us to gain economies of scale in a market with a high barrier of entry and a strong upside potential.”
All five communities are located in Prince George’s County, Maryland in the Washington DC metro, home to 5.6 million residents. The acquired properties include:
Forest Village, 410 units
Shadyside Gardens, 349 units
Marlow Heights, 172 units
Marlow Garden, 126 units
Marlow Tower, 131 units
FMP Buys Non-Performing Loan in Wisconsin MIAMI- An affiliate of First Market Properties LLC has purchased the first lien mortgage on a loan cross-collateralized by both a retail shopping center and an office building located in Appleton, WI. [ Read More ]
The unpaid balance at the time of purchase was approximately to $12,000,000.
The retail shopping center, known as Market Fair Plaza is anchored by Best Buy, Party City as well as other major retailers. At the time of purchase the occupancy was about 90%. The office building, known as Marathon Center, was built in 1991 and was 89% occupied at the time of purchase.
This is FMP’s second purchase in the Wisconsin area, in 2013, FMP purchased a non-performing loan on a retail center in Weston, WI.
FMP is a fully integrated real estate investment firm with offices in Miami and New York looking to purchase distressed loans or REOs nationwide.
Closing Announcement: First Market Properties Buys Performing Loan on Office Building in Daytona, FL MIAMI- An affiliate of First Market Properties LLC has purchased the first lien mortgage on a B class office building in Daytona, FL. [ Read More ]
The property is located at 444 Seabreeze Blvd and is a 121,000 square foot office building with sweeping ocean views and built in 1974. At the time of purchase, the unpaid principal balance was approximately $8,000,000 and the occupancy was about 94%.
First Market Properties Buys 158 Unit Apartment Complex in Baytown, TX MIAMI- An affiliate of First Market Properties LLC has closed on a 158 unit B Class apartment complex in Baytown, TX. [ Read More ]
The property, known as Forest View Apartments is located at 301 Tri City Beach Road. This asset was purchased off-market, “the deal was brought to us off market because the seller wanted a quick response and guaranteed execution”, says FMP’s Principal, Aaron Kurlansky. The 158 unit property is located in an area which is experiencing tremendous rent and employment growth. At the time of purchase the property was well maintained and had an average occupancy of 93%. FMP plans to continue to upgrade the asset in order to increase rental income and performance.
First Market Properties Buys Apartment Complex in Augusta, GA MIAMI- An affiliate of First Market Properties LLC has closed on a 377 unit B Class apartment complex in Augusta, GA. [ Read More ]
The property, Millbrook Pointe Apartments is located at 3190 Skinner Mill Rd in Augusta, GA. This asset was purchased with a Fannie Mae loan taken at closing. “The deal was sold to us at a discount because the seller wanted a guaranteed execution”, says FMP’s Principal, Aaron Kurlansky. The 377 unit property is located in a high end residential area and the property maintained an average occupancy of 94%. FMP plans a to upgrade the asset in order to increase rental rates and performance.
First Market Properties Buys 192 Units in Charlotte, NC MIAMI- An affiliate of First Market Properties LLC has closed on a 192 unit REO apartment community in Charlotte, NC. [ Read More ]
The asset, known as Hanover Landing was built in 1972 and is located at 5920 Monroe Rd Charlotte, North Carolina. At the time of closing the property was approximately 87% occupied. FMP moved quickly and closed the deal, all cash, in under 30 days from contract signing. FMP plans to upgrade the asset and improve the rental rates.
“This acquisition is a great addition to our growing portfolio . Charlotte continues to outperform many markets and is showing signs of rent and occupancy growth. We plan to stabilize and hold this asset long term” says FMP’s Principal, Aaron Kurlansky.
First Market Properties Buys Three Loans in Florida MIAMI- An affiliate of First Market Properties LLC has closed on a three loan portfolio with properties located in North Miami, Brandon and Palm City, Florida. [ Read More ]
The approximate unpaid balance of the loans were about $2,400,000. The collateral consists of a well located mixed-use property in North Miami, a 10 unit apartment building in Palm City and a mixed use apartment complex in Brandon. “Given our relationship and track record, the lender approached us and needed to close by the end of the quarter, we offered them a fair price and guaranteed execution.” says FMP’s Principal, Aaron Kurlansky. FMP plans to work with each buyer to achieve the most efficient resolution strategy.
First Market Properties Buys Multifamily Loan in Benton Harbor MI MIAMI- An affiliate of First Market Properties LLC has purchased the first lien mortgage of The Village At Fairplain Apartments located at 777 E Napier Ave Benton Harbor, MI 49022. [ Read More ]
The loan has an approximate unpaid balance of $4,700,000. The property is a 176 unit apartment complex, built in 1976 and renovated in 2002. It was approximately 82% occupied at time of closing. This transaction was closed all cash, in under three weeks. This is FMP’s first acquisition in Michigan.
First Market Properties Buys Office Building Loan in Greenville, SC MIAMI- An affiliate of First Market Properties LLC has purchased the first lien mortgage on a B Class office building in Greenville, SC. [ Read More ]
The property, known as Piedmont Center is located at 33 & 37 Villa Road and is approximately 150,000 net rentable square feet. The building, constructed in 1974 underwent a full rehab in 2008 and is currently above 80% occupied with many strong government tenants. The loan was originated in 2007 and matured in May 2013 with an approximate unpaid balance of $7,500,000.
First Market Properties Buys 176 Unit Apartment Complex in Raleigh, NC MIAMI- An affiliate of First Market Properties LLC has closed on a 176 unit, B Class apartment complex in Raleigh, NC. The property, Casa Del Sol Apartments is located at 4009 Deep Hollow Drive in Raleigh, NC. [ Read More ]
This asset was purchased off market via a Fannie Mae loan assumption. “The deal was brought to us off market because the seller wanted a quick and guaranteed execution”, says FMP’s Principal, Aaron Kurlansky. The 176 unit property is located in a high end residential area and the property maintained an average occupancy of 93%. FMP plans to continue to upgrade the asset in order to increase rental income and performance. This is FMP’s second transaction in the Raleigh-Durham area but their fifth in North Carolina.
First Market Properties Buys a 44 Unit Apartment Loan in Tempe Arizona MIAMI- An affiliate of First Market Properties LLC has closed on the first lien mortgage on Palm Terrace Apartments located in Tempe, AZ with an approximate unpaid balance of $2,300,000. [ Read More ]
At the time of closing the property had an average occupancy of about 90%. This transaction was completed all cash and within two weeks from contract signing. This is FMP’s first acquisition in Tempe but their fourth in Arizona. The property consists of 44 two bedroom/one-bath units at 900 Sf. Interior amenities at Palm Terrace include air conditioning, cable TV, dishwashers, disposals, frost-free refrigerators, mini blinds,private balconies/patios, and walk-in closets.
First Market Properties Buys Three Loans in South Florida An affiliate of First Market Properties has recently purchased three first lien mortgages in South Florida; two of the loans are sub-performing and one is non-performing. [ Read More ]
The assets are well occupied C class apartments located in Miramar, Pompano Beach and North Miami and combined make up 141 units.
“Due to our market familiarity, track record and ability to close quickly, the lenders approached us looking to move these loans off their books quickly. We did our analysis and due diligence and closed these transactions in under 14 days from contract signing” says FMP’s Principal Aaron Kurlansky.
FMP has closed well over 100 transaction in Florida since 2009.
First Market Properties Closes on a Loan Portfolio of 1,082 Units in the Washington DC Metro Area. This structure eliminated any opportunity of taking conventional debt. Other unusual features of the transaction included at 15 day due diligence and a 15 day close from contract signing. First Market Properties principal, Aaron Kurlansky states, “The deal fundamentals were strong and the portfolio characteristics are in line with our other assets. In addition, this transaction has allowed us to enter into a submarket with a high barrier of entry with strong upside potential.” [ Read More ]
All six communities are located in Prince George’s County, Maryland in the Washington DC metro, home to 5.6 million residents. The acquired properties include:
+ Bedford Station, 486 units – Bedford Station is located on the north side of University Boulevard between 14th and 15th avenues in Hyattsville, Maryland. Constructed in 1950, the property features three-story garden style apartment buildings with brick veneer and asphalt shingled and built-up roofs. Bedford Station is currently at 92.6% occupancy.
+ Eaton Square, 48 units – Eaton Square is located on the north side of Sheriff Road between Harvey Drive and Dutch Village Drive in Landover, Maryland. Constructed in 1960, the property features three-story garden style apartment buildings with brick veneer and asphalt shingled mansard roofs. Eaton Square is currently at 87.5% occupancy.
+ Edmonton Station, 119 units – Edmonton Station is located on the north side of Quincy Street, just off of Annapolis Road, in Landover, Maryland. Constructed in 1948, the Property features two and three-story garden style apartment buildings with brick veneer and built-up roofs. Edmonton Station is currently at 95.8% occupancy.
+ Finchley Square, 115 units – Finchley Square is located on both the east and west sides of 38th Street in Brentwood, Maryland. Constructed in 1943, the property features three-story garden style apartment buildings with brick veneer and asphalt shingled and built-up roofs. Finchley Square is currently at 92.2% occupancy.
+ Newbury Square, 213 units – Newbury Square is located on the east side of Riggs Road between Amherst Road and Van Buren Street in Hyattsville, Maryland. Constructed in 1947, the property features three and four-story garden style apartment buildings with brick veneer and asphalt shingled and built-up roofs. Newbury Square is currently at 97.2% occupancy.
+ Victoria Station, 101 units – Victoria Station is located on the southeast corner of 14th Avenue and Merrimac Drive in Hyattsville, Maryland. Constructed in 1950, the property features three-story garden style apartment buildings with brick veneer and asphalt shingled and built-up roofs. Victoria Station is currently at 88.1% occupancy.
First Market Properties Buys Three Performing Loans in Las Vegas, NV: An affiliate of First Market Properties has recently purchased three performing loans in Las Vegas.The properties are known as Yale Keys Senior Apartments, Senator Harry Reid Senior Apartments and Juan Garcia Garde Apartments. [ Read More ]
This transaction was closed all cash within 10 days. The assets are all well located and built between 2002 to 2005. All assets where above 80% occupied at the time of purchase.
First Market Properties Buys 136 Unit Non-Performing Multifamily Loan in Pensacola, FL. An affiliate of First Market Properties has recently purchased a 136 unit, B Class non-performing multifamily loan in Pensacola, FL The complex is known as Torrey Village Apartments and is located at 1857 Atwood Dr, Pensacola, FL. [ Read More ]
This transaction was closed all cash and in less than eight days. The property is located immediately off Highway 10 on The west side of North Davis Highway. The neighborhood consists of a well-developed mix of residential and commercial properties. The subject is bordered to the west by older single family homes. There are a significant number of single family homes located throughout the neighborhood off the primary thoroughfares.
First Market Properties has recently purchased a 275 unit, B Class non-performing multifamily loan in El Paso, TX. The complex is known as Raintree Village Apartments and is located at 9550 Dyer Street El Paso, TX. This transaction was closed all cash and in less than two weeks. The property is located on the eastern side of Dyer Street in northeast El Paso and the neighborhood consists of a well-developed mix between residential and commercial properties. [ Read More ]
The subject is bordered to the west by older single family homes. There are a significant number of single family homes located throughout the neighborhood off the primary thoroughfares. The Trans-mountain Campus of the El Paso Community College is located at the northeast corner of Patriot Freeway and Diana Drive, and is a five minute walk from the subject. At the time of purchase the property was about 90% occupied.
An affiliate of First Market Properties LLC has closed on a 169 Unit B Class apartment community built in 1973. The garden style complex is located at 3565 Lorna Road Birmingham, AL. The asset was recently rehabbed and was purchased via a loan assumption. FMP plans to continue to upgrade the asset and improve the rental rates and occupancy. [ Read More ]
At the time of purchase the property was about 91% occupied.
“This acquisition is a great addition to our growing Southeastern portfolio. Birmingham has a limited apartment supply and has seen both employment and rental growth in the last few years. We plan to be in this market long term and have a few other acquisitions under way.” says FMP’s Principal, Aaron Kurlansky.
An affiliate of First Market Properties LLC has closed on a 254 unit B Class community built in 1988 located at 4700 Twisted Oaks Road in Charlotte North Carolina. The asset was a REO and was about 93% at time of purchase. Being a REO transaction FMP moved quickly and closed the deal in about 30 days from contract signing with permanent agency financing. FMP plans to upgrade the asset and improve the rental rates. [ Read More ]
“This acquisition is a great additional to our growing Southeastern concentration. Charlotte continues to outperform many markets and show signs of rent and occupancy growth. We plan to stabilize and hold this asset long term” says FMP’s Principal, Aaron Kurlansky.
An affiliate of First Market Properties LLC has closed on the first lien mortgage on Lancaster Court Apartments located in Wilmington Delaware with an approximate unpaid balance of $4,160,000. The 110 unit property is located within a larger community consisting of 320 total units. The property has an average occupancy of 75%. [ Read More ]
This transaction was completed all cash and within two weeks from contract signing. This is FMP’s first acquisition in Delaware.
An affiliate of First Market Properties LLC has closed on the first lien mortgage on Hunter’s Point Apartments located at 2231 Shadow Valley Road High Point, NC. The loan has an approximate unpaid balance of close to $5,000,000. The property is a well maintained 204 unit apartment complex built in 1974. [ Read More ]
This is FMP’s third acquisition this year in North Carolina, previously FMP purchased a 252 unit complex known as Woodland Hollow in Charlotte and a 256 unit complex known as Carver Pond in Durham, NC.
An affiliate of First Market Properties LLC has closed on the first lien mortgage on Fairways Apartments located at 1237-1245 38th Street South Birmingham, AL. The loan has an approximate unpaid balance of close to $835,000. The property is a well maintained 30 unit apartment complex built in 1965 and renovated in 2004. [ Read More ]
This is FMP’s first acquisition in Alabama, but FMP has immediate plans to acquire more in this market.
An affiliate of First Market Properties LLC has closed on the acquisition of a 252 unit apartment complex located at 6205 Dove Tree Lane Charlotte, NC. This was a sale out of receivership and closed all cash. At time of closing the complex was 80% occupied. [ Read More ]
FMP plans to do a full scale rehab on the property and stabilize the asset. This is FMP’s second purchase in North Carolina, in April FMP acquired title to Carver Pond Apartments in Durham, NC. “Over the last 12 months we have been aggressively working to acquire assets in North Carolina due to its market demographics and strong velocity.” says Aaron Kurlansky, FMP’s Managing Director.
An affiliate of First Market Properties LLC has closed on the first lien mortgage on Southmore Park Apartments located in Pasedena, TX. The loan has an approximate unpaid balance of $2,300,000. The 93 unit property is located at 2401 E Southmore Ave and is about 75% occupied. [ Read More ]
The transaction was completed all cash. This is FMP’s third note purchase in Texas in the last 12 months.
An affiliate of First Market Properties LLC has closed on the first lien mortgage on Royal Estates Apartments located in Jacksonville, FL with an approximate unpaid balance of $5,800,000. The 176 unit property is located at 8050 Arlington Expressway in Jacksonville and is about 75% occupied. The transaction was completed all cash and within three weeks from contract signing. [ Read More ]
This is FMP’s second note purchase in Jacksonville, in 2011 FMP purchased the Preserve at St Nicholas. “This submarket was hit hard in the downturn but over the last year this area has began to stabilize and we feel that there is tremendous upside both in occupancy and rent increases.” says Aaron Kurlansky, FMP’s Managing Director.
An affiliate of First Market Properties has successfully foreclosed on Carver Pond Apartments located at 4001 Meriwether Dr in Durham, NC. Carver Pond, a 232 unit B Class apartment community built in 1996 is located just miles from Duke University and has a occupancy around 93%. FMP purchased the note on this asset about 3 months ago in an off market transaction and will now work with management to reposition the asset and create value by making capital improvements and increasing rental income and occupancy. [ Read More ]
An affiliate of First Market Properties has just closed on the note of Aspen Woods in Decatur, GA with an approximate unpaid balance of $5,400,000. The 218 unit apartment complex is located at 3379 Flat Shoals Road Decatur, GA; the property was close to 70% occupied at time of purchase. [ Read More ]
This note purchase marks FMP’s first acquisition in Georgia, “this apartment market is starting to show signs of recovery. We believe that the price of entry is very low compared with the potential upside and market velocity” said Aaron Kurlansky, Managing Director at First Market Properties.
First Market Properties has recently closed on a non-performing loan portfolio with an approximate unpaid balance of $7.72 million. The collateral consists of a combination of multifamily apartments, mixed use and commercial assets located in Manhattan, Brooklyn and Long Island. [ Read More ]
The loans were purchased in an all cash transaction from a national lender in less than 30 days.
First Market Properties thru an affiliated company has purchased the loan on a 51 unit apartment complex known as A Little Taste of Santa Fe. The property is located at 8551 Enderville Rd in Fort Worth TX with an unpaid loan balance of approximately $1,400,000. [ Read More ]
First Market Properties has just closed on The Reserve at Pecan Valley Apartments located in San Antonio, TX. The property contains 405 units on 17 acres of land. This was a REO purchase and FMP is planning a full scale rehab. [ Read More ]
First Market Properties, LLC (FMP), has acquired a four-unit residential condo in Coral Gables in a short sale. The two-year-old property is only blocks from the city’s famed Miracle Mile retail corridor. The property is at 349 Madeira Avenue, just off the intersection with SW 42nd Avenue. [ Read More ]
Less than a half-mile to the south is the segment of Coral Way that has long been known as Miracle Mile for its high-end shops and restaurants, as well as live theater and art galleries.
First Market Properties, LLC – through its SBC 2011, LLC affiliate – has purchased the mortgage on a 35,000-square-foot multi-floor retail condominium at the base of the Marina Blue luxury high-rise apartments on Biscayne Boulevard in Miami. The property is directly across the boulevard from the American Airlines Arena and the city’s Bicentennial Park, where two major museums are under construction. [ Read More ]
The mortgage, with an original balance of $10.14 million, was acquired from Hackensack, New Jersey-based Kennedy Funding. No other financial details were announced.
FMP recently purchased a stabilized B Class 42 unit multifamily property in Hollywood, FL out of Bankruptcy. The property is located at 4800/ 4928 Hollywood Blvd. The transaction closed all cash. [ Read More ]
The property is located at 4800/ 4928 Hollywood Blvd. The transaction closed all cash.
August 2011 First Market Properties has recently purchased two non-performing loans in Phoenix Arizona. The first loan is on 256 units located at 4030 N. 44th Avenue in Phoenix called The Cove on 44th with a UPB of approximately 4,600,000. The second loan on 54 units known as Elm Street located at 2508 W. Elm Street in […] [ Read More ]
First Market Properties has recently purchased two non-performing loans in Phoenix Arizona. The first loan is on 256 units located at 4030 N. 44th Avenue in Phoenix called The Cove on 44th with a UPB of approximately 4,600,000. The second loan on 54 units known as Elm Street located at 2508 W. Elm Street in Phoenix. Both transactions closed all cash in under two weeks.
July 2011 FMP closed on a note which is collateralized by four multifamily apartment buildings located in New York City. The UPB is approximately 21,000,000 and the property was in Bankruptcy at the time of sale. [ Read More ]
FMP closed on a note which is collateralized by four multifamily apartment buildings located in New York City. The UPB is approximately 21,000,000 and the property was in Bankruptcy at the time of sale.
June 2011 First Market Properties has expanded into the Houston market with the acquisition of a non-performing mortgage on Stonehaven at Galleria, a 338-unit garden-style apartment complex in the Galleria submarket. The note, with a balance of about $11 million Stonehaven, situated at 6419 Skyline Drive was opened in 1968. The property comprises 31 two-story buildings, and […] [ Read More ]
First Market Properties has expanded into the Houston market with the acquisition of a non-performing mortgage on Stonehaven at Galleria, a 338-unit garden-style apartment complex in the Galleria submarket. The note, with a balance of about $11 million Stonehaven, situated at 6419 Skyline Drive was opened in 1968. The property comprises 31 two-story buildings, and is close to 90 percent occupied.
May 2011 FMP has acquired the loan on a 301 unit apartment complex known as Pine Ridge. Shortly after closing on the loan a deed in Lieu of foreclosure was finalized with the Borrower. The UPB on the loan was over 6,800,000. The transaction closed all cash. [ Read More ]
FMP has acquired the loan on a 301 unit apartment complex known as Pine Ridge. Shortly after closing on the loan a deed in Lieu of foreclosure was finalized with the Borrower. The UPB on the loan was over 6,800,000. The transaction closed all cash.
April 2011 First Market Properties has purchased a note secured by 57-unit apartment complex in northern West Palm Beach. The Property was constructed in 1985 and includes 26 studios, 29 one-bedroom units, and 2 two-bedroom units. The UPB on the loan was around 1,300,000 and the transaction was brokered via Auction.com. [ Read More ]
First Market Properties has purchased a note secured by 57-unit apartment complex in northern West Palm Beach. The Property was constructed in 1985 and includes 26 studios, 29 one-bedroom units, and 2 two-bedroom units. The UPB on the loan was around 1,300,000 and the transaction was brokered via Auction.com.
February 2011 FMP has acquired via a note purchase and deed in lieu of foreclosure a 230 unit complex in Jacksonville, FL. The Property had a upb over 13,500,000 and is known as The Preserve at St Nicolas. At time of takeover the property is 78% occupied and the occupancy continues to improve. [ Read More ]
FMP has acquired via a note purchase and deed in lieu of foreclosure a 230 unit complex in Jacksonville, FL. The Property had a upb over 13,500,000 and is known as The Preserve at St Nicolas. At time of takeover the property is 78% occupied and the occupancy continues to improve.
December 2010 First Market Properties has purchased the note on Canterbury Lane Apartments in Tampa, FL. The property consists of 320 units and had a UPB of 8,500,000. Soon thereafter FMP took back the asset via deed in lieu of foreclosure and at time of takeover the property was 85% occupied. [ Read More ]
First Market Properties has purchased the note on Canterbury Lane Apartments in Tampa, FL. The property consists of 320 units and had a UPB of 8,500,000. Soon thereafter FMP took back the asset via deed in lieu of foreclosure and at time of takeover the property was 85% occupied.
November 2010 FMP has closed on a portfolio of 28 non-performing commercial loans located in New York with a major concentration in New York City. The portfolio has a UPB of close to 30,000,000. The transaction has closed all cash and in under two weeks. [ Read More ]
FMP has closed on a portfolio of 28 non-performing commercial loans located in New York with a major concentration in New York City. The portfolio has a UPB of close to 30,000,000. The transaction has closed all cash and in under two weeks.
October 2010 First Market Properties has closed on a small balance commercial portfolio comprised of 9 loans located in New York City. The UPB at time of purchase was over 6,250,000. [ Read More ]
First Market Properties has closed on a small balance commercial portfolio comprised of 9 loans located in New York City. The UPB at time of purchase was over 6,250,000.
September 2010 FMP has purchased another portfolio of 25 non-performing multifamily loans located in South Florida. The portfolio consists of over 350 units and had a UPB of around 20,500,000. [ Read More ]
FMP has purchased another portfolio of 25 non-performing multifamily loans located in South Florida. The portfolio consists of
over 350 units and had a UPB of around 20,500,000.
August 2010 FMP has closed on a portfolio of 17 non-performing loans located in Miami-Dade and Broward County. The portfolio had a UPB of 17,500,000 and consisted of over 335 units. [ Read More ]
FMP has closed on a portfolio of 17 non-performing loans located in Miami-Dade and Broward County. The portfolio had a UPB of 17,500,000 and consisted of over 335 units.
December 2009 First Market has purchased a small balance commercial portfolio comprised of 14 loans in Florida and 8 loans in NY. The UPB was around 26,500,000 at time of purchase. [ Read More ]
First Market has purchased a small balance commercial portfolio comprised of 14 loans in Florida and 8 loans in NY. The UPB was around 26,500,000 at time of purchase.
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