Clearwater, FL

ABG Sundal Collier ASA, a foreign capital investment firm, purchased the remaining 116 units of the Waterscape Resort Condominiums in the Florida panhandle city of Fort Walton Beach. This all cash transaction was purchased from Crescent Resources, who were represented by John W. Stone, CCIM and Jason T. Stanton, CCIM of Colliers Arnold and John K. Crotty and David C. Metalonis, CCIM of Colliers Abood Wood-Fay.  This $180M development was completed in 2008 on 9.43 acres and consists of three, six-story buildings with a total of 339 units. Waterscape Resort is nestled directly on the Gulf of Mexico with 490 feet of white sandy beaches and features a 10,000 square foot, split-level courtyard with three pools and a lazy river. The purchase price of this 116 unit bulk sale was $23,519,000 (202,750/unit). Both Colliers offices teamed up for the lender-driven sale (Bank of America / Wells Fargo / Regions) to market the high-end product. The all-cash closing took place after an eleven day due diligence and ten day closing period; all without a price retrade.

“We are seeing a tremendous amount of activity as it relates to fractured condo projects. There has been a large increase of foreign and domestic capital aggressively looking for bulk purchases”, Stone says. The collaborative marketing resulted in over 5,900 contacts, 99 packages delivered, six showings and 16 offers; 11 of which were all cash.  "This joint office effort illustrates the unique benefit Colliers provides its clients. By combining sales expertise and extensive resources to reach more prospects, we deliver the best price and execute deals faster", stated  Lee Arnold, CEO of Colliers Arnold and Michael Fay, President of Colliers Abood Wood-Fay.

The Colliers' team is now marketing a $142,957,383 non-performing loan on behalf of a seven bank consortium. The loan is secured by the remaining 425 of the 440-unit Oasis Condominiums in Fort Myers, Florida. “This is an extraordinary opportunity to buy a note at a discount collateralized by two high-end waterfront towers”, stated Crotty. The team is currently accepting offers with a final bid due date of February 10th.

About Colliers International

Colliers International is a global affiliation of independently owned commercial real estate firms. The organization's 12,700 employees span the world in 294 offices in 61 countries. On a worldwide basis, Colliers manages 1.1 billion square feet, and has revenue of $US 1.6 billion.

Contact Information

John Stone, CCIM
Phone: 727-442-7184
jstone@colliersarnold.com 

Jason Stanton, CCIM
Phone: 727-442-7184
jstanton@colliersarnold.com 

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