Randy Langley and David Siegal, the two partners of Colony Lender LLC, purchased a 15% interest in the Colony Beach & Tennis Resort's recreational/resort assets from Carolyn Field Trust on May 27 for $766,000.
BUYER: Colony Lender LLC (principals: David Siegal and Randall Langley), Oakland
SELLER: Carolyn Field as trustee of the Carolyn Field Family Trust
PROPERTY: 1620 Gulf of Mexico Drive, Longboat Key, various property
LAW FIRM ON DEED: Williams Parker Harrison Dietz & Getzen, Sarasota
PLANS, DESCRIPTION: Randy Langley and David Siegal, the two partners of Colony Lender LLC, purchased a 15% interest in the Colony Beach & Tennis Resort's recreational/resort assets from Carolyn Field Trust on May 27 for $766,000.
The purchase gives the two partners a 95% interest in the recreational/resort property that includes a maintenance area (laundry, flower shop, conference center and fitness center), the administration center at the front of the property, the tennis courts, commercial condominiums in the hotel building, the resort kitchen and resort conference areas.
Colony unit owner Andy Adams owns the remaining 5% interest in the property.
Colony Lender already had an 80% interest in the properties because it owns bank loans belonging to longtime Colony owner Dr. Murray “Murf” Klauber. Colony Lender is in the midst of foreclosing upon those loans and hopes to get a foreclosure hearing sometime this summer.
“The acquisition was made to protect the collateral of the loan purchased from Bank of America, which is in foreclosure,” Siegal says in a press release. “A 95% interest in the so-called recreational facilities is much more secure than an 80% interest. The fewer moving parts, the fewer number of divergent interests, the better for the Colony.”
Siegal said a third party “owning a piece of the puzzle” is now eliminated.
Siegal told the Longboat Observer that the collateral for the bank loan includes Klauber's 17,000-square-foot restaurant, his office penthouse unit in the hotel and another rental unit.
Additional reporting by Kurt Schultheis, correspondent