Troubled condominium projects in Southern California led to a flurry of deal activity for two brokers in the San Diego office of Voit Real Estate Services. Tony O’Neill and Kendrick Askew completed two REO sales and one loan disposition involving more than 100 condominium units in Southern California during a 30-day stretch. The total original loan amounts on the properties exceeded $30 million.
O’Neill and Askew completed the sale of a $12.95 million non-performing loan at face value. The property backing the loan consists of 33 loft-style condominiums in Los Angeles. The duo represented the buyer, a local San Diego opportunity fund.
The two also completed an REO sale of 52 partially completed condominiums located at 11525 Blucher Avenue in Granada Hills, Calif., situated directly off the 405 Freeway between Granada Hills and San Fernando. O’Neill and Askew represented the buyer, IMT Capital REIT LLC.
In the third transaction, O’Neill and Askew helped arrange an REO sale of an 18-unit condominium project in Long Beach, Calif. The brokers represented the buyer, Pathfinder Partners LLC.
The property is located at 1711 East 10th Street and is centrally located near Pacific Coast Highway and downtown Long Beach. The seller was Chinatrust Capital Corp.
All three transactions occurred late in the fourth quarter of 2010. “The recent rise of the 10-year Treasury yield (3.47% as of Jan. 20) is having a profound effect on multifamily transactions right now, coupled with the fact that there are more distressed properties of interest for investors,” says O’Neill of Voit.
Headquartered in Newport Beach, Calif., Voit is a privately held firm founded in 1971 and currently employs more than 200 people spread across 10 offices.
Voit has owned, developed and managed over 45 million sq. ft. of commercial real estate, participated in $1.3 billion of construction projects and completed over $32 billion in brokerage transaction volume since its inception.