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TAMPA — SilverLeaf Financial acquired two non-performing loans with an aggregate unpaid balance of $47 million. The collateral on the loans is 153 fully furnished condo units, plus 15.23 acres of commercial land, all located in Tampa Bay.
More specifically, the collateral properties are located within a master planned development known as Little Harbor Resort, a 286-acre development zoned for 1,897 housing units, according to a release.
The loans originated in 2004 and 2005, a release says, and construction of the condos was completed in 2007. But only five of the units were ever sold, so the property currently operates as a hotel.
Based in Salt Lake City, SilverLeaf Financial buys distressed loans using funds from cash-flowing commercial real estate. Since 2008, SilverLeaf has taken over $600 million in loans.
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