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Business Observer Tuesday, Sep. 13, 2005 13 years ago

Real Estate Briefs (Tampa)

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Miami Beach Investors Expand PortfolioGeorgia group purchases Pelican Sound apartmentsPage-Burkett group assembles beach propertyPartners refinance several Tampa Bay-area propertiesSarasota investor refinances Valrico mobile home park
by: Adam Hughes Staff Writer

Real Estate Briefs (Tampa)

Miami Beach Investors Expand Portfolio

A group headed by Miami Beach investors Abbey Berkowitz and Barry Appel has acquired control of nearly 1,400 apartment units in two separate deals. They plan to convert all of the units into condominiums.

Just recently Berkowitz and Appel, managing members of Miami Beach's Abba Real Estate Development Group LLC, closed on the $46 million acquisition of the Arbors at Carrollwood rental property, 3939 Ehrlich Road in north-central Hillsborough County.

Operating as Tamy 26 LLC and Gedulah 26 LLC, the partners paid about $117,949 each for the 390 units just off North Dale Mabry Highway. The deal includes about 16 apartment buildings that each contain from 30,000 to 42,000 square feet of gross leaseable space.

An affiliate of Orlando's Zom Development Inc., Zom Carrollwood Ltd., purchased the unimproved 48-acre site in 1999 for almost $5.4 million and completed development work two years later.

The partnership secured the purchase with almost $47.1 million in financing through Chicago's Corus Bank NA. Appel and Berkowitz co-signed the mortgage documents. The mortgage, which matures in two years, consists of two promissory notes of almost $41.2 million and $5.9 million.

The financing statement the bank also filed in public records refers to the partners' plan to create the Arbors at Carrollwood Condominium Association.

Sources familiar with the sale acknowledge the new owners bought the property with plans to convert the units into condos. As of the week of Sept. 5, the partners had yet to open a sales office. Nor were sales details available. The partners expect to notify the tenants later this month about their options.

Earlier this summer, another affiliate of Abba Real Estate Development Group purchased the 1,000 rental units at Tampa's Grand Palm Village for $87.5 million. Operating as Carrollwood 26 Holdings LLC, the affiliate paid about $87,500 for the units built from 1989-1991.

The purchase price in that deal was about 49% more than the prior sale. Boston's Realty Associates Fund V LP paid nearly $52 million in April 2002 for the rental community.

Carrollwood 26 Holdings, a holding of Vehodaos Management Corp., secured the property with $98 million in financing through Column Financial Inc. Berkowitz signed the mortgage documents as Vehodaos' president.

Both deals occurred just months after Berkowitz sold his interest in Miami Beach's Saxony Hotel to Houston's Patrinely Group LLC for a condo conversion project. His father, Holocaust survivor and hotelier Murray Berkowitz, purchased that property in the mid-1970s.

Georgia group purchases

Pelican Sound apartments

BUYER: Sutton Place LLC, Alpharetta, Ga.

SELLER: Decade Cos. Income Properties LP, Waukesha, Wis.

PROPERTY: 10200 Gandy Blvd., St. Petersburg.

PRICE: $29,000,000.

PRIOR SALE: $12,000,000 in 1993.

LAW FIRM ON DEED: Quarles & Brady LLP, Milwaukee.

PLANS, DESCRIPTION: Sutton Place LLC, an Alpharetta, Ga.-based company, has acquired St. Petersburg's Pelican Sound apartments for $29 million. That's about $76,517 each for the units built in 1988.

Staff workers at the apartment property, 10200 Gandy Blvd., now answer the telephones as Sutton Place apartments. But a spokesperson says the new ownership hasn't given any indication that it intends to operate the property other than for rental use.

Mortgage and state corporate documents identify Atlanta-area businessman Arkadiy Dubovoy as a managing member of Sutton Place LLC.

Georgia corporate records list Dubovoy as president of APD Custom Homes Inc. A spokesperson at Aqualair LLC, a Dahlonega, Ga.-based maker of luxury spa-shower units, identified Dubovoy as one of the firm's investors.

Media reports describe Dubovoy, who did not respond to a request for comment, as a Russian immigrant who came to the United States in the early 1990s and became a homebuilder.

Sutton Place purchased the property from Decade Cos. Income Properties LP, the Waukesha, Wis.-based group headed by real estate investor Jeff Keierleber. His group acquired the property in 1993 for $12 million.

To finance the deal, Dubovoy's group secured two mortgages. It obtained nearly $10.6 million in financing through Centrum Financial Services Inc. and $8.3 million through Avatar Income Fund 1 LLC. Avatar Financial Group LLC manages the income fund.

These mortgages are inter-creditor and mortgage party agreements with two unaffiliated financial services companies based in Seattle.

Page-Burkett group

assembles beach property

BUYER: Santa Madeira Investment Partners LLC, Indian Shores.

SELLERS: Jay-Gee Development LLC, Clearwater, and John W. Selby, address unknown.

PROPERTY: Vacant commercial lots and submerged land in Madeira Beach.

PRICE: $6,800,000.

PRIOR SALE: $3,000,000, January 2004

LAW FIRM ON DEED: Williams Schifino Mangione & Steady PA, Tampa.

PLANS, DESCRIPTION: It took negotiations with two separate property owners, but Indian Shores investors Steve Page and Frank Burkett have assembled the land they need to build an 88-unit condominium-hotel and 60-slip boat marina in Madeira Beach.

The partners, operating as Santa Madeira Investment Partners LLC, recently purchased 66,282 square feet of vacant commercial land and 2.17 acres of submerged land for $5.3 million from Jay-Gee Development LLC.

The seller, a Palm Harbor corporation that lists John Geiger as its principal managing member, purchased the property in January last year for $3 million.

To complete the deal, Page and Burkett needed three additional adjoining parcels that contain about 21,240 square feet of vacant commercial space. Pinellas County investor John W. Selby, individually and on behalf of C.W. Shelby, sold those parcels to the partners for $1.5 million.

In all, Page and Burkett assembled slightly more than 4 acres of vacant commercial and submerged land for $6.8 million. The deal with Selby cost the partners about $1.5 million for half an acre or $70.62 a square foot for vacant commercial land. Although they haven't officially announced the project, yet, the partners plan to call condo-hotel the Madeira Grande Resort & Marina.

Partners refinance several

Tampa Bay-area properties

BORROWER: Fieldstone Acquisitions I LLC affiliates, Parsippany, N.J.

LENDER: Independence Community Bank, Brooklyn, N.Y.

PROPERTIES FINANCED: Several multifamily properties in Manatee, Pinellas and Polk counties.

MORTGAGE AMOUNT: At least $82,675,000

LAW FIRM ON MORTGAGE: Cullen & Dykman LLP, New York.

PLANS, DESCRIPTION: A New Jersey-based investment group has secured almost $83 million in refinancing on six multifamily properties it controls in Manatee, Pinellas and Polk counties.

Fieldstone Acquisitions I LLC, the managing member of the six affiliates that own those properties, obtained the financing through Brooklyn, N.Y.-based Independence Community Bank.

Mortgage records in each of those counties show that New Jersey businessman Joseph Kazarnovsky, co-managing member of Fieldstone (Florida) Management LLC, signed as the affiliates' managing member.

On-site property managers in Pinellas referred all inquiries about the deal to Property Advisors Inc., a Tampa-based property management firm. A spokesperson there declined to comment. Ralph Reider, who is listed as a co-managing member of Fieldstone (Florida), did not respond by publication deadline.

The apartment properties the partnership refinanced include the following:

• Emerald Pointe, 111 73rd Ave. N., St. Petersburg, $21.4 million;

• Somerset, 12800 Vonn Road, Largo, $17.4 million;

• Sailwind at Lake Deer, 350 24th St. NW, Winter Haven, $15 million;

• Gates at Bradenton, 4515 26th St. W., Bradenton, $13.2 million;

• Park Trace, 501 Fairwood Ave., Clearwater, $8.7 million; and

• Lantana, 530 Fairwood Ave., Clearwater, $7 million.

Sarasota investor refinances

Valrico mobile home park

BORROWER: Malco Industries Inc., Sarasota.

LENDER: Bank of America NA.

PROPERTY FINANCED: 2200 E. SR 60, Valrico.

AMOUNT FINANCED: $5,000,000.

LAW FIRM ON DEED: Kirk Pinkerton PA, Sarasota.

PLANS, DESCRIPTION: Even in a time of rapidly escalating property values, it doesn't appear the owner of Valrico's Featherock Mobile Home Park has plans to redevelop or sell. At least that's what the owner says after refinancing it.

Malco Industries Inc., a company controlled by Sarasota investor and builder Neil Malamud, recently refinanced the 84-acre site for $5 million through Bank of America NA.

Speaking through a spokesperson, Malamud says he's not building anything at Featherock, 2200 E. SR 60. "He's only paying bills," the spokesperson says. Other than that, the spokesperson says Malamud had no other comment.

Property records show Malco Industries purchased the property in 1971 for $950,000. Last year, Hillsborough County officials listed the property's just and assessed value at almost $10 million.

- David R. Corder

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