DALLAS, TX - Behringer Harvard announced today its investment in the senior mortgage debt on The Palms of Monterrey, a 408-unit, resort-style multifamily community situated on a 28-acre site in Fort Myers, which is on Florida's southwest coast in Lee County, approximately 100 miles south of Tampa.
"A previous owner of the property obtained the senior mortgage on The Palms of Monterrey to fund a conversion of the apartment community into condominiums. However, changing market conditions subsequently interfered with the borrower's plans, and the completed condominium units were never sold," said Mr. Samuel A. Gillespie, Chief Operating Officer of Behringer Harvard Opportunity REIT II, Inc. "This situation enabled us to acquire the senior mortgage debt at a discount and refocus the property as rental apartments."
Constructed in 2001 at 15250 Sonoma Drive, the gated community consists of 17 three-story residential buildings, a clubhouse with a business center, a fitness center with racquetball facility, a lighted tennis court, a playground, two heated pools and a poolside hot tub. Units feature one, two or three bedrooms and range in size from 1,008 to 1,496 square feet.
The Palms of Monterrey is less than a mile from HealthPark Medical Center, an area employment center that includes a 270-bed acute care facility and the only comprehensive children's health care center between Tampa and Miami. Residents also are only minutes from the gleaming white sands of Fort Myers Beach and the Sanibel and Captiva islands, as well as many hospitality-industry employers.
"We are pleased to make this investment with highly respected partners that have proved their mettle in the marketplace," said Mr. Gillespie. The investment in The Palms of Monterrey was made by Behringer Harvard Opportunity REIT II, Inc., a public non-listed real estate investment trust, in a partnership with DeBartolo Development and Christian Tyler Properties, LLC.
Behringer Harvard is a commercial real estate company investing in assets domestically and internationally. The company creates and manages strategic real estate fund opportunities across a wide spectrum of investment styles for retail investors, as well as domestic and international institutions, through its real estate investment trusts, partnerships, joint ventures, and proprietary program structures.
Source: Behringer Harvard