FirstMarketProperties

Arlington Apartments is a 97 unit multifamily property in Jackson, MS built in 1972. This B class property is has high visibility and is located near multiple retail centers with easy access to Jacksons main roads. Property amenities include a pool, pool deck, and tennis court. The debt has a current unpaid principal balance of roughly $3 million and is non-performing.

Piedra Villas is a 28 unit multifamily property in Miami, FL built in 1930. This 100% occupied property is located in “Calle Ocho” and is near the center of Little Havana. The property is located on the main street and has retail spaces on the first floor and rental apartment units on the second and third floors. The debt has a current unpaid principal balance of roughly $1.5 million and is currently performing.

Sarika Apartments is a 30 unit garden style multifamily property in Miami, FL. The property was built in 1964. The property has been well maintained and the owner recently made capital improvements on the interior of the building. The debt has a current unpaid principal balance of roughly $1.1 million and is currently performing.

Okeechobee Industrial Park is a 148,214 square foot industrial park built in 1975. This 80% occupied complex is located right off of I-95 and is one block north of the Palm Beach International Airport. The property consists of 11 buildings sitting on 8 plus acres of land. Units have high ceilings, overhead doors and ample parking. FMP is in the process of foreclosing on the property. Once foreclosed within the next few months, FMP will begin improving the property and stabilizing the asset.

Bluth Plaza is a 25,574 square foot office building built in 1985. This well maintained 3 story property is located in the active Miami Gardens neighborhood in Miami, FL. It has great visibility from a high trafficked street and is conveniently located near the FL Turnpike and I-95. This performing debt has a fixed interest rate of 5.75%.

Annapolis Plaza is a 31,100 square foot office-building complex built in 1980 and heavily renovated in 2002. This plaza is centrally located in the heart of Annapolis’s main retail shopping corridor and sits across from Nordstrom entrance to the Westfield Annapolis Mall. The property has easy access to Highway 301; is well maintained; and includes a loading dock, benches and tables in the back yard for office employees, and abundant parking. This matured non-performing note has a fixed interest rate of 5.95%.

Hacks Cross Lodge is a 15,400 square foot retail shopping center built in 2005. The property is well located near FedEx World Headquarters in the prestigious Germantown suburb area of Memphis, TN. This newly built upscale retail development features glamourous French country architecture and has unique high-end finishes, such as stone arches and columns and lush landscaping. This performing debt has a fixed interest rate of 6.35%.

Brooklyn Heights Business Park is a 64,043 square foot office-building complex built in 1999. This business park is centrally located in the greater Cleveland area, is conveniently located near the main freeways, and is visible from I-480. It is located on a 5.7 acre plot. This complex consists of two single story office/flex buildings with an appealing brick visage, numerous windows, and a spacious parking lot. This performing note has a fixed interest rate of 5.41%.

Memphis Econo Lodge is a 64,748 square foot 112 room Econo Lodge built in 1957. The hotel sits above a six story parking garage that serves the hotel and surrounding businesses. The property is well located in the heart of downtown Memphis, TN and has full views of downtown Memphis and the Mississippi River. The hotel is a few blocks away from the lively historical areas of Beale Street and Riverside Drive.
First Market Properties is actively pursuing maturity defaulted loans and performing debt on commercial real estate nationwide.

Equity Acquisitions. In 2014, FMP closed on more than $250M in equity acquisitions, buying 20 properties in 10 transactions. This includes the purchase of 20 distinct properties totaling 3,500 multifamily units and 125,000 NRSF of development space. The properties are located throughout the mid-west, central, and eastern regions of the United States.

Debt Acquisitions. In 2014, FMP closed on $100M in debt acquisitions. This was done through purchasing 25 different notes. These performing and non-performing notes are secured by 25 commercial buildings; more than 2,200 multifamily units; and 360,000 NRSF of retail, office, and hotel space. The majority of these transactions closed in less than 10 business days. These properties are located throughout the entire United States.

First Market Properties is actively pursuing value add and opportunistic equity investment opportunities, maturity defaulted loans, and performing debt on commercial real estate nationwide and internationally.

FMP will be at the National Multifamily Housing Council (NMHC) Apartment Strategies Outlook Conference this January in Palm Springs, CA. Contact Joe Fishman at (305) 722-6182 or jf@firstmarketproperties to discuss buying and selling opportunities.

The mortgage is secured by a multifamily apartment complex and closed all cash in under 2 weeks. Royal Place is a 100 unit multifamily apartment complex in Orlando, FL. The 90,190 net rentable square feet apartment complex was built in 1969. At the time of acquisition, the property was experiencing an 85% occupancy rate. The mortgage is currently in foreclosure.

Both mortgages closed all cash in under 15 days. Shoppes at Trickum is a 49,900 net rentable square feet retail shopping plaza in Woodstock, GA. The lot size is 10.47 acres and shadow anchored by a 207,000 square foot Wal-Mart. Current tenants include Dollar Tree, Radio Shack, Rue21 and CNL Credit Union. The acquired note has an unpaid principal balance of roughly $5.9M and a fixed interest rate of 5.82%.

Southwind Apartments is a 100 unit complex in Pearl, MS. The 103,860 net rentable square feet apartment development was built in 1969. At the time of acquisition, the complex had an 86% occupancy rate. The unpaid principal balance at the time of acquisition was more than $2.1M with a fixed interest rate of 6.6%. First Market Properties is actively pursuing maturity defaulted loans and performing debt on commercial real estate nationwide.

The mortgage is secured by a 258-unit multifamily property in Little Rock, AR.

The multifamily property, known as “Westland Apartments,” is located at 418 Markham Mesa Dr, Little Rock, AR. It was built in 1980 and is approximately 195,740 square feet.

The transaction closed all-cash and in 10 days from contract signing.

The first property, known as Valencia Hills, is a 352-unit, Class B apartment complex located at 6527 Reeder Street, Shawnee, KS. The second property, known as Antioch Woods, is a 90-unit, Class B apartment complex located at 8710 W 106 Terrace, Overland Park, KS. Both properties were built in the 1960’s but were rehabbed in 2000.

The transaction closed all-cash and in under 10 days from contract signing. In the coming weeks, FMP plans to take possession of the properties and to begin to stabilize the assets.

The 82nd street complex was built in 1950, but rehabbed in 2013, and is 8,933 square feet. The property is located in an up and coming area where multiple development projects are in the works. “We’re excited about this building,” said FMP’s principal Aaron Kurlansky. “Because of the increasing rents in areas like Wynwood and Edgewater, tenants are being priced out. As a result, businesses are starting to move north on Biscayne Boulevard and are gentrifying the Little River area.” In addition, FMP’s new property at 82nd Street is just blocks away from the federal immigration headquarters at 7880 Biscayne Boulevard, which is slated to become a chic 135-room hotel.

The building, which FMP purchased from a large ship engine repair company, is 98,650 square feet and is located near the Brooklyn waterfront in Red Hook.

FMP plans to renovate the building, which is adjacent to the entrance for the Brooklyn Battery Tunnel, and to reposition it as a space for creative office and retail tenants.

FMP is in the process of leasing the space and is aiming to be ready for occupancy in mid 2015.

This is FMPs second acquisition in the area. Earlier this year, FMP acquired an industrial building at 68-80 3rd Street in Gowanus. As with the Red Hook property, FMP plans to reposition the Gowanus building into office and retail space.

The portfolio consists of four properties totaling 158,424 square feet.
The first property, Abbington Village, is located at 988 Muirwood Village Drive, Columbus, OH. The second property, Ashley Village, is located at 2272 Sunshine Place, Columbus, OH. The third property, Chatham Village, is located at 2315 Muirwood Drive, Columbus, OH. The fourth and final property, Courtship Village, is located at 1503 Monmouth Street, Lancaster, OH.

FMP plans to make immediate interior and exterior upgrades to the property to increase rents and cash flow.

The property, which was built in 1972, is located at 4426 Plantation Rd NE, Roanoke, VA 24012. It is 138,680 square feet.

FMP purchased the property for $8.8M. Arbor Commercial Mortgage provided a $7.2M fixed rate Fannie Mae loan.

At closing, the property was 96% occupied. FMP plans to value add the asset by upgrading the property and improving the rental rates.

The mortgages are secured by multifamily properties in Arkansas.

The first loan is on a 48-unit garden style apartment complex located at 2212 Lacari Road, Magnolia, AR. The property was built in 1982 and is approximately 145,255 square feet. The loan had an approximate unpaid balance of $1.2M.

The second loan is on a 160-unit multifamily property located at 4303 County Ave, Texarkana, AR. The property was built in 1983 and is approximately 145,255 square feet. The loan had an approximate unpaid balance of $4.1M.

The transaction closed all-cash and in under 10 days from contract signing.

This is FMP’s second loan purchase in Arkansas in the last 60 days. In July 2014, FMP acquired two non-performing loans valued at $7.5M that are secured by multifamily properties in Little Rock, Arkansas.

The mortgage is secured by a retail shopping center in Fresno, CA.

The shopping center is located at 3656-3678 W Shaw Ave, Fresno, CA. It was built in 2003 and is approximately 14,040 square feet. The retail complex is anchored by Walmart and Target.

The transaction closed all-cash and within days from contract signing.

The property is scheduled for foreclosure auction at the end of this month.

The retail shopping center was built in 1997 and is located at 9460 W. Broad Street, Richmond, VA. It is approximately 8,120 square feet, and is anchored by Kroger and Sam’s Club. Other tenants include TCBY, Leisure Fitness and Qdoba.

The transaction closed all-cash and in under two weeks from contract signing.

FMP purchased the property with plans to restore it, and as depicted in the renderings above, is in the process of adding trendy retail and office space to the building. “We’re excited about this project,” said FMP’s principal Aaron Kurlansky. “The lower rents and industrial architecture in Gowanus are attracting startups that previously would have moved to trendier areas of Brooklyn, such as Williamsburg.” In addition, the 3rd street building is just blocks from Brooklyn’s first Whole Foods, which will attract health and wellness tenants to the space.

FMP has already leased over 43,000 square feet to Genius (formerly, Rap Genius), an online-annotation company, which is currently located in Williamsburg. FMP is in the process of leasing the remaining space and is aiming for a January 2015 occupancy.

The mortgages are secured by a retail shopping center and a single family residence in Illinois.

The shopping center is anchored by Ace Hardware and is located at 855 South Ridge Rd, Minooka, IL. It was built in 2003 and is approximately 31,290 square feet. The single family residence is located at 3755 North Lois Ct., Morris, IL. It was built in 1992 and is approximately 2,387 square feet.

The transaction closed all-cash and in under 3 weeks from contract signing.

FMP purchased the property, which was REO, for $2.3M. BAC Florida Bank provided a mortgage of $1.5M.

The 85th street complex was built in 1945 and is 18,080 square feet. At closing, the property was approximately 70% occupied. FMP plans to immediately implement both interior and exterior upgrades to the property.

This is FMP’s second purchase transaction in South Florida in the past 30 days. In June, FMP purchased the loan on a 51 room motel known as the Whitehouse Inn located at 2305 NE 123rd St in North Miami, FL. The loan had an approximate unpaid balance of $4,750,000. The transaction closed all-cash and in under ten days from contract signing.

MIAMI- An affiliate of First Market Properties LLC has closed on a non-performing loan on a 51 room motel known as the Whitehouse Inn located at 2305 NE 123rd St in North Miami, FL. The loan had an approximate unpaid balance of $4,750,000. The transaction closed all-cash and in under ten days from contract signing.

The property was built in 1972 and is comprised of two smaller complexes located at 1511 W 70th and 4950 Morrison Rd. The loan carries a balance of approximately $1.1M and is currently performing at a rate of 6.5%. FMP plans to work with the owner to restructure their debt.

Pine Garden Apartments is located at 6414 Baseline Rd and is 137 units with an approximate unpaid balance of $2.2M; Quail Valley Apartments is located on 5300 Baseline Rd and is 240 units with an approximate unpaid balance of $5.3M. At the time of closing, the properties were about 50% occupied. This transaction was completed all cash and within one week from contract signing.

The property, known as Somerset Apartments is located at 1400 Ventura Way. This asset was purchased off market and was negotiated directly with the Seller. “We found a situation where the seller was absentee and wanted to sell the asset immediately. We offered him assurance of closing and a fair price.” says FMP’s Principal, Aaron Kurlansky. The property was approximately 80% occupied at the time of closing. FMP plans to continue to upgrade the asset in order to increase occupancy and performance. This is deal adds to FMP’s large portfolio in Charlotte.

The approximate loan was approximately $800,000 and the loan closed in under two weeks. The collateral consists of a well located and occupied complex on 125th street in North Miami, FL.

The property, known as Playhouse Square is located at 1220 Huron Rd NE in Cleveland, OH. The building is 100,800 net rentable square feet and currently 30% occupied and in the midst of a rehab. The loan was originated in 2011 and matured on June, 12013 with an approximate unpaid balance of $1,700,000.

FMP is a fully integrated real estate investment firm with offices in Florida and New York looking to originate first lien debt, purchase loans and REOs nationwide.

The property, known as Shoppes at North Lake was built in 1997, is approximately 75% occupied and is just under 20,000 square feet of leasable space. The transaction closed all-cash and in under ten days from contract signing.

FMP plans to offer this asset for sale as an approved lender controlled short sale. “The location and construction will allow for a local investor to acquire the real estate at a low basis and stabilize the asset with says FMP’s Principal, Aaron Kurlansky.

The loan is collateralized by three luxury condominiums in Manhattan’s Upper West Side and one single family home in the Hampton’s. The transaction closed all-cash and in under one week from contract signing.

The purchase, completed on February 25, 2014, includes several B Class apartment communities totaling 1,188 units.

This purchase was FMP’s second large portfolio purchase in the DC/ Maryland area in the last 12 months. In April 2013, FMP closed on another REO portfolio consisting of 1,082 C Class apartments in the Hyattsville, MD submarket. First Market Properties principal, Aaron Kurlansky states, “The deal fundamentals were strong and the portfolio characteristics are in line with our other assets. In addition, this transaction has allowed us to gain economies of scale in a market with a high barrier of entry and a strong upside potential.”

All five communities are located in Prince George’s County, Maryland in the Washington DC metro, home to 5.6 million residents. The acquired properties include:

Forest Village, 410 units
Shadyside Gardens, 349 units
Marlow Heights, 172 units
Marlow Garden, 126 units
Marlow Tower, 131 units

The unpaid balance at the time of purchase was approximately to $12,000,000.

The retail shopping center, known as Market Fair Plaza is anchored by Best Buy, Party City as well as other major retailers. At the time of purchase the occupancy was about 90%. The office building, known as Marathon Center, was built in 1991 and was 89% occupied at the time of purchase.

This is FMP’s second purchase in the Wisconsin area, in 2013, FMP purchased a non-performing loan on a retail center in Weston, WI.

FMP is a fully integrated real estate investment firm with offices in Miami and New York looking to purchase distressed loans or REOs nationwide.

The property is located at 444 Seabreeze Blvd and is a 121,000 square foot office building with sweeping ocean views and built in 1974. At the time of purchase, the unpaid principal balance was approximately $8,000,000 and the occupancy was about 94%.

The property, known as Forest View Apartments is located at 301 Tri City Beach Road. This asset was purchased off-market, “the deal was brought to us off market because the seller wanted a quick response and guaranteed execution”, says FMP’s Principal, Aaron Kurlansky. The 158 unit property is located in an area which is experiencing tremendous rent and employment growth. At the time of purchase the property was well maintained and had an average occupancy of 93%. FMP plans to continue to upgrade the asset in order to increase rental income and performance.

The property, Millbrook Pointe Apartments is located at 3190 Skinner Mill Rd in Augusta, GA. This asset was purchased with a Fannie Mae loan taken at closing. “The deal was sold to us at a discount because the seller wanted a guaranteed execution”, says FMP’s Principal, Aaron Kurlansky. The 377 unit property is located in a high end residential area and the property maintained an average occupancy of 94%. FMP plans a to upgrade the asset in order to increase rental rates and performance.

The asset, known as Hanover Landing was built in 1972 and is located at 5920 Monroe Rd Charlotte, North Carolina. At the time of closing the property was approximately 87% occupied. FMP moved quickly and closed the deal, all cash, in under 30 days from contract signing. FMP plans to upgrade the asset and improve the rental rates.

“This acquisition is a great addition to our growing portfolio . Charlotte continues to outperform many markets and is showing signs of rent and occupancy growth. We plan to stabilize and hold this asset long term” says FMP’s Principal, Aaron Kurlansky.

The approximate unpaid balance of the loans were about $2,400,000. The collateral consists of a well located mixed-use property in North Miami, a 10 unit apartment building in Palm City and a mixed use apartment complex in Brandon. “Given our relationship and track record, the lender approached us and needed to close by the end of the quarter, we offered them a fair price and guaranteed execution.” says FMP’s Principal, Aaron Kurlansky. FMP plans to work with each buyer to achieve the most efficient resolution strategy.

The loan has an approximate unpaid balance of $4,700,000. The property is a 176 unit apartment complex, built in 1976 and renovated in 2002. It was approximately 82% occupied at time of closing. This transaction was closed all cash, in under three weeks. This is FMP’s first acquisition in Michigan.

The property, known as Piedmont Center is located at 33 & 37 Villa Road and is approximately 150,000 net rentable square feet. The building, constructed in 1974 underwent a full rehab in 2008 and is currently above 80% occupied with many strong government tenants. The loan was originated in 2007 and matured in May 2013 with an approximate unpaid balance of $7,500,000.

This asset was purchased off market via a Fannie Mae loan assumption. “The deal was brought to us off market because the seller wanted a quick and guaranteed execution”, says FMP’s Principal, Aaron Kurlansky. The 176 unit property is located in a high end residential area and the property maintained an average occupancy of 93%. FMP plans to continue to upgrade the asset in order to increase rental income and performance. This is FMP’s second transaction in the Raleigh-Durham area but their fifth in North Carolina.

At the time of closing the property had an average occupancy of about 90%. This transaction was completed all cash and within two weeks from contract signing. This is FMP’s first acquisition in Tempe but their fourth in Arizona. The property consists of 44 two bedroom/one-bath units at 900 Sf. Interior amenities at Palm Terrace include air conditioning, cable TV, dishwashers, disposals, frost-free refrigerators, mini blinds,private balconies/patios, and walk-in closets.

The assets are well occupied C class apartments located in Miramar, Pompano Beach and North Miami and combined make up 141 units.

“Due to our market familiarity, track record and ability to close quickly, the lenders approached us looking to move these loans off their books quickly. We did our analysis and due diligence and closed these transactions in under 14 days from contract signing” says FMP’s Principal Aaron Kurlansky.

FMP has closed well over 100 transaction in Florida since 2009.

All six communities are located in Prince George’s County, Maryland in the Washington DC metro, home to 5.6 million residents. The acquired properties include:
+ Bedford Station, 486 units – Bedford Station is located on the north side of University Boulevard between 14th and 15th avenues in Hyattsville, Maryland. Constructed in 1950, the property features three-story garden style apartment buildings with brick veneer and asphalt shingled and built-up roofs. Bedford Station is currently at 92.6% occupancy.

+ Eaton Square, 48 units – Eaton Square is located on the north side of Sheriff Road between Harvey Drive and Dutch Village Drive in Landover, Maryland. Constructed in 1960, the property features three-story garden style apartment buildings with brick veneer and asphalt shingled mansard roofs. Eaton Square is currently at 87.5% occupancy.

+ Edmonton Station, 119 units – Edmonton Station is located on the north side of Quincy Street, just off of Annapolis Road, in Landover, Maryland. Constructed in 1948, the Property features two and three-story garden style apartment buildings with brick veneer and built-up roofs. Edmonton Station is currently at 95.8% occupancy.

+ Finchley Square, 115 units – Finchley Square is located on both the east and west sides of 38th Street in Brentwood, Maryland. Constructed in 1943, the property features three-story garden style apartment buildings with brick veneer and asphalt shingled and built-up roofs. Finchley Square is currently at 92.2% occupancy.

+ Newbury Square, 213 units – Newbury Square is located on the east side of Riggs Road between Amherst Road and Van Buren Street in Hyattsville, Maryland. Constructed in 1947, the property features three and four-story garden style apartment buildings with brick veneer and asphalt shingled and built-up roofs. Newbury Square is currently at 97.2% occupancy.

+ Victoria Station, 101 units – Victoria Station is located on the southeast corner of 14th Avenue and Merrimac Drive in Hyattsville, Maryland. Constructed in 1950, the property features three-story garden style apartment buildings with brick veneer and asphalt shingled and built-up roofs. Victoria Station is currently at 88.1% occupancy.

This transaction was closed all cash within 10 days. The assets are all well located and built between 2002 to 2005. All assets where above 80% occupied at the time of purchase.

This transaction was closed all cash and in less than eight days. The property is located immediately off Highway 10 on The west side of North Davis Highway. The neighborhood consists of a well-developed mix of residential and commercial properties. The subject is bordered to the west by older single family homes. There are a significant number of single family homes located throughout the neighborhood off the primary thoroughfares.

The subject is bordered to the west by older single family homes. There are a significant number of single family homes located throughout the neighborhood off the primary thoroughfares. The Trans-mountain Campus of the El Paso Community College is located at the northeast corner of Patriot Freeway and Diana Drive, and is a five minute walk from the subject. At the time of purchase the property was about 90% occupied.

At the time of purchase the property was about 91% occupied.

“This acquisition is a great addition to our growing Southeastern portfolio. Birmingham has a limited apartment supply and has seen both employment and rental growth in the last few years. We plan to be in this market long term and have a few other acquisitions under way.” says FMP’s Principal, Aaron Kurlansky.

“This acquisition is a great additional to our growing Southeastern concentration. Charlotte continues to outperform many markets and show signs of rent and occupancy growth. We plan to stabilize and hold this asset long term” says FMP’s Principal, Aaron Kurlansky.

This transaction was completed all cash and within two weeks from contract signing. This is FMP’s first acquisition in Delaware.

This is FMP’s third acquisition this year in North Carolina, previously FMP purchased a 252 unit complex known as Woodland Hollow in Charlotte and a 256 unit complex known as Carver Pond in Durham, NC.

This is FMP’s first acquisition in Alabama, but FMP has immediate plans to acquire more in this market.

FMP plans to do a full scale rehab on the property and stabilize the asset. This is FMP’s second purchase in North Carolina, in April FMP acquired title to Carver Pond Apartments in Durham, NC. “Over the last 12 months we have been aggressively working to acquire assets in North Carolina due to its market demographics and strong velocity.” says Aaron Kurlansky, FMP’s Managing Director.

The transaction was completed all cash. This is FMP’s third note purchase in Texas in the last 12 months.

This is FMP’s second note purchase in Jacksonville, in 2011 FMP purchased the Preserve at St Nicholas. “This submarket was hit hard in the downturn but over the last year this area has began to stabilize and we feel that there is tremendous upside both in occupancy and rent increases.” says Aaron Kurlansky, FMP’s Managing Director.

This note purchase marks FMP’s first acquisition in Georgia, “this apartment market is starting to show signs of recovery. We believe that the price of entry is very low compared with the potential upside and market velocity” said Aaron Kurlansky, Managing Director at First Market Properties.

The loans were purchased in an all cash transaction from a national lender in less than 30 days.

Less than a half-mile to the south is the segment of Coral Way that has long been known as Miracle Mile for its high-end shops and restaurants, as well as live theater and art galleries.

The mortgage, with an original balance of $10.14 million, was acquired from Hackensack, New Jersey-based Kennedy Funding. No other financial details were announced.

The property is located at 4800/ 4928 Hollywood Blvd. The transaction closed all cash.

First Market Properties has recently purchased two non-performing loans in Phoenix Arizona. The first loan is on 256 units located at 4030 N. 44th Avenue in Phoenix called The Cove on 44th with a UPB of approximately 4,600,000. The second loan on 54 units known as Elm Street located at 2508 W. Elm Street in Phoenix. Both transactions closed all cash in under two weeks.

FMP closed on a note which is collateralized by four multifamily apartment buildings located in New York City. The UPB is approximately 21,000,000 and the property was in Bankruptcy at the time of sale.

First Market Properties has expanded into the Houston market with the acquisition of a non-performing mortgage on Stonehaven at Galleria, a 338-unit garden-style apartment complex in the Galleria submarket. The note, with a balance of about $11 million Stonehaven, situated at 6419 Skyline Drive was opened in 1968. The property comprises 31 two-story buildings, and is close to 90 percent occupied.

FMP has acquired the loan on a 301 unit apartment complex known as Pine Ridge. Shortly after closing on the loan a deed in Lieu of foreclosure was finalized with the Borrower. The UPB on the loan was over 6,800,000. The transaction closed all cash.

First Market Properties has purchased a note secured by 57-unit apartment complex in northern West Palm Beach. The Property was constructed in 1985 and includes 26 studios, 29 one-bedroom units, and 2 two-bedroom units. The UPB on the loan was around 1,300,000 and the transaction was brokered via Auction.com.

FMP has acquired via a note purchase and deed in lieu of foreclosure a 230 unit complex in Jacksonville, FL. The Property had a upb over 13,500,000 and is known as The Preserve at St Nicolas. At time of takeover the property is 78% occupied and the occupancy continues to improve.

First Market Properties has purchased the note on Canterbury Lane Apartments in Tampa, FL. The property consists of 320 units  and had a UPB of 8,500,000. Soon thereafter FMP took back the asset via deed in lieu of foreclosure and at time of takeover the property was 85% occupied.

FMP has closed on a portfolio of 28 non-performing commercial loans located in New York with a major concentration in New York City. The portfolio has a UPB of close to 30,000,000. The transaction has closed all cash and in under two weeks.

First Market Properties has closed on a small balance commercial portfolio comprised of 9 loans located in New York City. The UPB at time of purchase was over 6,250,000.

FMP has purchased another portfolio of 25 non-performing multifamily loans located in South Florida. The portfolio consists of
over 350 units and had a UPB of around 20,500,000.

FMP has closed on a portfolio of 17 non-performing loans located in Miami-Dade and Broward County. The portfolio had a UPB of 17,500,000 and consisted of over 335 units.

First Market has purchased a small balance commercial portfolio comprised of 14 loans in Florida and 8 loans in NY. The UPB was around 26,500,000 at time of purchase.