A bulk condominium deal in Pompano Beach went down at a 45 percent disclosed to a foreclosed mortgage.
LR5A-JV, an investment group for Massachusetts, seized 104 of the 276 condo units at Windward Lakes in 2009 after foreclosing on the $17.5 million mortgage of Bay Pompano Beach. It recently sold the units at 4001 W. McNab Road for $9.6 million to an affiliate of Hollywood-based Hon Capital.
Franklin Street‘s Deme Mekras and Elliot Shainberg represented both the buyer and seller in the deal, which was for $92,308 a unit. They said the lender leased out the units for years while waiting for the real estate market to recover.
Windward Lakes was developed as apartments in 1992 and later converted to apartments. The units have one to three bedrooms.
“There are very few deals like this one left in South Florida,” Mekras said in a news release.
“Most lenders who took title to foreclosed properties four to six years ago took action to get them off their books some time ago,” Shainberg added. “Very few were able to hang on and ride out the downturn like our seller.”