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BUYER: AGR TM LLC (Angelo Gordon & Co. LP), New York City
SELLER: LDG South LLC as debtor-in-possession under Chapter 11 Bankruptcy
PROPERTY: a portion of Airport-Pulling Road, just north of Golden Gate Parkway, Naples
PRICE: $18.95 million (remaining mortgage balance value)
LAW FIRM ON DEED: Ruden McClosky PA, Naples
PLANS, DESCRIPTION: Naples-based Ronto Group and New York City-based Angelo Gordon & Co. purchased 56 home lots in the Grey Oaks community from a bankruptcy auction.
The companies bought 18 of the lots in the Miramonte neighborhood and 38 lots in the Torino neighborhood. The sale included one decorated model villa home in Miramonte and two in Torino.
Ronto Group Vice President Anthony Solomon says his company was attracted to the properties because of the community's reputation, location, stability and value. Solomon declined to elaborate on the price the Ronto Group paid for the lots at auction.
“We expect it to do much better there than what has been done the past season,” says Solomon. “The threat of foreclosure has been lifted. There has also been a general improvement in the upscale market.”
The Ronto Group is still in acquisition mode, Solomon says. For example, the firm hopes to complete the purchase of the TwinEagles golf club property from the Bonita Bay Group.
Home and lot prices in the two Grey Oaks communities will range from $1 to $2 million
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