Shane Baldwin Discusses SilverLeaf Financial's $47 Million Loan Acquisition in Florida.
SALT LAKE CITY, July 8, 2011 /PRNewswire/ -- SilverLeaf Financial recently announced the acquisition of two non-performing loans with an aggregate unpaid principal balance of $47 Million. The underlying collateral is comprised of 153 fully furnished condo units along with 15.23 acres of commercial land situated on the south Shore of Tampa Bay, Florida.
The two notes originated in 2004 and 2005 for the purpose of acquiring the land and to fund the construction. The hotel condominium was completed in 2007.
The development was originally designed to be sold as a turnkey, fully furnished hotel condominium with individual owners able to participate in the resort's vacation rental program. Because of the downturn in the market, only five units were sold. The property is currently being operated as a hotel.
The loan's collateral is part of a larger mixed-use master planned development known as Little Harbor Resort. Little Harbor is a 286-acre Community Development District (CDD CDD Contrat A Duree Determinee (French: Fixed Term Contract)
CDD Community Development Department
CDD Cooling Degree Days (weather derivatives / insurance index converting temperature into prices) ) residential community and destination resort. Little Harbor is zoned for a total of 1,897 single, multifamily dwellings, hotel units and 533 boat slips. The first phase of the resort included the Harborside condominium, 108 townhomes, two restaurants, tennis courts, and marina. The community features one of only two natural beaches along Tampa Bay.
SilverLeaf Financial's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Shane Baldwin said, "We have been active buyers in the Florida market and are actively looking to acquire more loans there."
Baldwin reported SilverLeaf continues to fuel its growth through purchasing distressed whole loans secured by cash-flowing commercial real estate. Since inception in 2008, SilverLeaf has acquired $600 Million in performing and non-performing loans.
Headquartered in Salt Lake City, Utah For ships of the United States Navy of the same name, see .
Salt Lake City is the capital and the most populous city of the U.S. state of Utah. The name of the city is often shortened to Salt Lake, or its initials, S.L.C. , SilverLeaf Financial focuses on acquiring non-performing commercial loans secured by first position trust deeds. These assets are acquired from the FDIC FDIC
See: Federal Deposit Insurance Corporation
See Federal Deposit Insurance Corporation (FDIC). , regional banks, special servicers and other financial institutions for the purpose of future monetization. For more information, visit SilverLeaf Financial's website, http://www.SilverLeaf-Financial.com.
Contact: Campbell Dosch SilverLeaf Financial 801-359-2855 ext 229 firstname.lastname@example.org
This press release was issued through eReleases(R). For more information, visit eReleases Press Release Distribution at http://www.ereleases.com.
SOURCE SilverLeaf Financial, LLC (Logical Link Control) See "LANs" under data link protocol.
LLC - Logical Link Control