The halfway successful Longwood Towers will hit the auction block (for developers).
** Note this is not an auction for individuals to come and bid on units. This auctions is for an investment group and or developer to come in and reposition the product for what the market is asking for. **
Radco Co’s out of Atlanta, GA who bought the landmark building back in 2005 may have bit off a little too much. I had consulted on this with local Miami developer Crescent Heights in which I believe the building should have been purchased for some 10%+ less than Radco paid…launching this project on the wrong foot.
However, the development has done fairly well with the local medical community in the Longwood area….its just too many units at that price point right now. Its a beautiful project and well worth it…however, this auctions should pose to put Longwood Towers in a much better position to restructure this deal.
The foreclosure auction, at which 196 units in the Brookline development will be sold as a single block, is the largest of its kind to date during the current real estate market downturn.
The lender, New York-based iStar Financial, plans to bid on the property at the auction through a subsidiary. If successful, the firm would then complete renovation work on Longwoods three residential high-rises, the company said in a statement, where units are priced anywhere from the low $300,000 range to $1.5 million.
Stay tuned here on the Longwood Auction. More to come…
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