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Integritas Assets buys note to Palma Sur Apartments

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  • | 6:04 p.m. November 18, 2011
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  • Tampa Bay-Lakeland
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MORTGAGE BUYER: TMF11 LLC (Integritas Assets LLC), St. Petersburg

SELLER: Sovereign Bank

CURRENT OWNER: Rubio Investment Properties LLC, Jupiter

PROPERTY: 3729 W Tyson Ave., Tampa


PREVIOUS PRICE: $2.4 million, May 2005


PLANS, DESCRIPTION: Integritas Assets LLC, the St. Petersburg-based multifamily investor, purchased the note and mortgage covering the 48-unit Palma Sur Apartments in Tampa.

Terms of the mortgage note sale were not released. As of deadline, it was unknown how Integritas Assets plans to take ownership of the apartment complex.

Built in 1973, Palma Sur Apartments is comprised of three two-story buildings. The 29,340-square-foot community features 36 one-bedroom, one-bathroom units with 550 square feet space each and 12 two-bedroom, one-bathroom units with 795 square feet. The development also has a pool and a laundry facility.

Kevin Kelleher, Bob Goldfinger and Darron Kattan of Franklin Street handled the transaction.

“We sold the note as collateral for a 48-unit complex, and the sale took place while the borrower was in bankruptcy,” Kelleher says in a press release. “A note transaction is complicated in itself, but completing the transaction while the borrower is in bankruptcy can be a challenge. This property was an excellent opportunity to obtain a concrete-block asset in the highly desired sub-market of South Tampa.”

A few months ago, Integritas Assets purchased the 132-unit Marbella Apartments in Tampa for $2.05 million, equal to $15,530 per unit.


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