Fort Lauderdale Condo Developer Files for Bankruptcy Protection
The Strada 315 Condominium developer, Strada 315 LLC, has filed for chapter 11 bankruptcy in Fort Lauderdale, Florida. Official court documents state that the developer was unable to reach an agreement with their lender, Regions Bank. The developer was trying to strike a deal with the lender to extend a $34.8 million loan on the project. This came as a surprise to many because in the past two months the developer was able to sell 48 of the 117 condo units, significantly reducing its debt to Regions Bank by about $16 million.
Though things don’t look good for the developer right now, court papers also say that a good portion of the remaining units are under contract, and while some of them may not close due to economic conditions they do expect many of them to close. The condominiums are located on Northeast Third Avenue in Flagler Village and range from about $228,000 to $606,000. The units are one and two bedroom and are very stylish.
While the developer is obviously struggling right now, this is by no means the end. Strada 315 LLC was forced to file for bankruptcy protection until they can strike a deal with Regions Bank or with another lender that will allow them to continue to pay subcontractors and the like, which they cannot do presently. On a positive note, Strada 315 LLC can take comfort in the fact that the resistance that they are receiving from Regions Bank is not personal, simply an indicator of the times for many lenders.
Don’t Let Great Condo Rental Opportunities in Fort Lauderdale Pass You By
If you’re like a lot of renters you have been watching the rental prices of Fort Lauderdale Condos go up and then fall back down over and over again the last couple of years. Many renters are content to just sit by and watch the rise and fall of the housing prices. Yet, just when they are going to take action they watch the condo slip away either in a price that creeps back up or to another renter who got to it faster. There are a lot of condos for rent in Fort Lauderdale and instead of just sitting by and waiting for the right opportunity to fall into your lap or waiting for the right price to come along, why not search for it?
Find the Perfect Property for You!
Instead of settling for what is out there or flipping through the rental section of your newspaper wondering what will be the best choice, why not search for Fort Lauderdale condo rentals in a much more straightforward fashion? When you come to our real estate site, you will find it really simple to search for apartments for rent including luxury rentals! There is no need to search high and low through several different sources. Instead, you have one source that you can trust to put you in contact with all of the great properties on the market.
Instead of watching the prices on rental properties rise and fall and settling for less than you may need or paying more than you can afford, you can search through our website with ease and find just what you are looking for. Rentals are sorted by price, so you can look for Rentals under $2000 per month, Rentals under $3,000 per month, Rentals under $4,000 per month and luxury rentals $4,000 and more. We understand that you have very specific needs and we allow you to search for those until they are met. Whether you need a long term rental or one of the beautiful short term luxury rentals, there is a tool for you to use to ensure that you’ll find the property that will best fit your needs!
John Sabia is a Realtor with Coldwell Banker Real Estate in Fort Lauderdale, Florida and can be reached at (954) 847-5002 (work) and 954-850-2397 (cell).
participating in the greatest real estate agent in the world seo contest