Real Estate Acquisition From Property In Bankruptcy Proceeding
Our attorneys represented Condo Developer LLC in its acquisition of 165 unsold condominium units, retail space and related assets of The Vue at Lake Eola, in Orlando, Florida for $25.9 million and the assumption of certain liabilities. The Vue, the tallest residential tower in Orlando, was built in 2007, and filed for bankruptcy protection in 2009 as demand for high-end condo units collapsed. Condo Developer purchased the building out of the bankruptcy proceeding, utilizing financing provided by Ladder Capital. Given the prominence of the building in Orlando and the fragile condition of the Florida real estate market, numerous media outlets have suggested that the acquisition is a potential signal that the Florida condo market will finally begin its recovery.