|
|
This article was published February 18, 2008 in the Miami Herald.It is reproduced here as an update on this project.Fort Lauderdale condo developer files bankruptcyBY PATRICK DANNER The developer of Fort Lauderdale's Strada 315 condo sold about 40 percent of the 117 units in the two months since completing construction, but it wasn't enough to keep the builder out of bankruptcy. Strada 315 LLC of Delray Beach filed for Chapter 11 last week after it couldn't persuade Regions Bank to extend a $34.8 million construction loan on the project at 315 NE Fourth St. in Flagler Village. The builder is affiliated with Delray Beach's Southpoint Realty Development. Regions also put holds on any money the developer made on unit sales above the loan payments it owed, Strada says in court documents. As a result, ``Strada 315 has found it almost impossible to operate its business and focus on closing more sales.'' Jack McCabe a Deerfield Beach real estate analyst, said Regions' stance with Strada signals lenders are becoming more aggressive in collecting debts from developers. Strada has sales contracts on 51 of the remaining 69 units, but the developer admits it expects ''a large number'' will not close and buyers will forfeit deposits because of the current economic conditions. Nevertheless, it adds it expects to close ``a significant number of units in the next two months.'' Regions apparently isn't as optimistic, McCabe said. ''There's good reason for that. We're seeing such a high percentage of walkaways,'' said McCabe, who is advising private equity groups and wealthy investors on buying opportunities in distressed properties. Strada manager Thomas D. Laudani, its bankruptcy lawyer, Thomas Messana, and Regions' Tim Deighton couldn't be reached Monday. Strada 315 was among two dozen residential projects proposed for Fort Lauderdale's Flagler Village in recent years, but was one of only a handful to proceed. Some developers either delayed or canceled projects, in some cases because of the softening real estate market, stingier lenders, higher building costs, or a combination. That has stalled what many observers had hoped would be a renaissance for the area. The 21-story Strada 315 features one- and two-bedroom units. Sales prices thus far have ranged from about $228,000 to $606,000, property records show. Strada has repaid $16 million to Regions, the developer says in court papers. But Regions' decision to keep the ''excess proceeds'' from units sales, Strada says, means the developer can't pay subcontractors and creditors. Liens totaling more than $600,000 have been filed in recent weeks, though Strada disputes some amounts. Regions last month blamed slowing real estate markets in Florida and Georgia for quadrupling its reserve for loan losses to $360 million. The bank is ''acting quickly to address current areas of weakness,'' said Dowd Ritter, chief executive of the Birmingham, Ala., bank, in a Jan. 3 statement. Strada's bankruptcy filing didn't provide specific information on its assets and liabilities. It just checked boxes indicating they were between $10 million and $50 million each.
New Construction information on this website is not paid advertising. I am not the exclusive agent for this developer. I do not simply reiterate developer's press releases. What you read on AndyWeiser.com is independent information, drawn from press reports and other public records as well as talking with insiders after reviewing the developer's materials. I hope you find it helpful, objective and authoritative. E-mail me and I will be happy to further assist you in purchasing as you consider new construction in our area.
The seller reserves the absolute right, in its sole judgment and discretion to substitute appliances, materials, fixtures and equipment. Dimensions, features and images in artist's representations are subject to change without notice. All dimensions are furnished by the developer and are approximate. The size, dimensions and layout of each residence are subject to architectural, structural and other changes as recommended by the architect, contractor, developer or as required by law. Floor Plans are subject to change without notice. Furnishings where used in illustrations are for artistic purposes only. Ask for a standard Features and Amenities List for residence features. Information presented here is accurate to the best of our knowledge. |
Alhambra Place L'Ambiance Beach AquAzul Aquatania Aqua Vista Townhomes The Atlantic Hotel Condominium Avenue Lofts Bamboo Flats Bayview Townhomes
Beach Colony South Bella Caprese and Luna Bella Blue Luxury Townhomes on Fort Lauderdale Beach Breezes at Palm Aire Condo for Golf, Spa, Resort and Country Club
Coconut Grove Luxury Condominium on Fort Lauderdale Beach Coral Harbour Luxury Condominium with Private Marina
Courtyards at Flagler Village The Ellington in Victoria Park The Esplanade on the New River Europa by the Sea Exchange Lofts Foundry Lofts
Harbourage Place Hilton Fort Lauderdale Beach Resort Icon Las Olas Luxury Waterfront Condominium Il Lugano Island Enclave at Victoria Park
Infinity at Brickell L' Hermitage Jackson Tower Las Olas Beach Club Las Olas Grand Las Olas River House L'Ambiance Beach La Rive Lauderdale One
Le Club International Luna Ocean Residences NoLA Lofts NuRiver Landings Oaks Townhomes at Sailoat Bend Ocean Enclave Ocean Garden Boutique Oceanfront Condominium
Ocean Grande on Hillsboro Mile Ocean Place in Lauderdale by the Sea Ocean Plaza in Deerfield Beach OceanSide in Pompano Beach by WCI Communities
One Isle of Venice waterfront Las Olas Condominium Oriana by the Sea Palazzo Las Olas The Palms Pinecrest Village at Victoria Park Point of Americas
The Port Fort Lauderdale Q Club Hotel Condominium Riverside Grande Sapphire Condominium Seven Corners Townhomes Sian Condominium and Sian Resort Residences
Sole' Fort Lauderdale Condominium Sonata Beach Club Strada 315 The Symphony 350 Las Olas Place Tides at Bridgeside Square
Trump International Hotel and Tower Fort Lauderdale Victoria Corners Townhomes Villa Tuscany Villas by the Sea Villas of Coral Heights
Village at Sailboat Bend Village Park at Oakland Condominium Vue Residences and Beach Club W Hotel & Residences Fort Lauderdale W Hotel, Casino & Residences, Las Vegas
Water Garden Waters of Pompano Beach Waves Las Olas Lofts The Wave on Hollywood Beach Wilton Station
Ft Lauderdale Investment Property Distinguished Fort Lauderdale Luxury and Waterfront Condominium Residences Andy's Ft Lauderdale Real Estate Listings
Mortgage, Title & Insurance Services Ft Lauderdale Links Latest Ft Lauderdale Real Estate News
Fort Lauderdale Real Estate Home Page Fort Lauderdale Real Estate Prices
Ft Lauderdale Real Estate Fort Lauderdale Real Estate Prices Fort Lauderdale Home Prices and Trends Fort Lauderdale Real Estate Ft Lauderdale Homes
Market Timing and Residential Real Estate Prices Fort Lauderdale Real Estate Neighborhood Guide
Coral Ridge Homes For Sale Fort Lauderdale Condos For Sale Las Olas Real Estate Agent
Fort Lauderdale Homes for Sale Imperial Point Homes for Sale
|
|
E-Mail [email protected] Original Content on AndyWeiser.com is protected by copyright. Click here for details. All rights reserved. |