PANAMA CITY BEACH, FL - Cortland Loan Services LLC announced that it has completed the acquisition of 117 luxury residences in the Origin at Seahaven Condominium in Panama City Beach, Florida. Cortland, which acquired title to the units via recently completed foreclosure proceedings, plans to reposition pricing to reflect the realities of the current real estate market, and offer the remaining residences for sale in a lender close-out. The ownership transition ensures the future financial stability of the project, and allows for the orderly retail sale of the remaining residences, with new list pricing that reflects an average cumulative discount of approximately 60% from peak market sales prices. According to Dawn Dunlap, who worked as an onsite broker associate for the developer, "This was a friendly foreclosure, where the developer and lender cooperated with the goal of ending any uncertainty surrounding the project, which is great news for both current and future owners. New buyers will be looking at a stabilized building with a healthy association, at deep discount prices, without the cloud of foreclosure."
Origin at Seahaven consists of a 17-story tower with 280 fully-furnished, upscale residences. Upon completion of construction in late 2007, 163 residences sold despite the market downturn. Located on Front Beach Road in Panama City Beach, Origin is within walking distance of the popular Pier Park shopping, dining, and entertainment destination. Origin owners can enjoy beautiful Gulf of Mexico views, access to the pristine Panama City beaches, and amenities including a luxury pool and spa overlooking the Gulf, a 15th floor sunset observation deck, fitness center, game room, movie theater, and turnkey onsite rental and association management. Origin also benefits from close proximity to Panama City's recently opened Northwest Florida Beaches International Airport (ECP), the first new airport in the U.S. in over a decade. ECP is served by major flight carriers including Southwest and Delta, providing new travel options to many domestic and international destinations.
Cortland Loan Services expects to immediately begin marketing the property both in the U.S. and internationally via a network of affiliates and strategic relationships.
Cortland Loan Services, LLC is a Tampa Bay, Florida based firm that specializes in stabilizing and repositioning distressed multi-family and condominium assets throughout the United States. Cortland and its affiliates operate a fully integrated organization focused on distressed note and property acquisition, property management, leasing, marketing and asset disposition.
Source: Cortland Loan Services