A 38.8-acre parcel fronting Palm Parkway and I-4, near Orlando Vineland Premium Outlets and just north of the Daryl Carter Parkway flyover, was acquired in mid-August by Englewood, Colo.-based Excelsior Capital Partners, an investor in distressed debt and real estate.
Through affiliate ECP Commercial VI LLC, Excelsior Capital acquired the parcel’s deed from Miami-based Palm Parkway Development Company LLC, in lieu of foreclosure on a mortgage and collateral assignment of rents dating back to July 2007.
The deed hands over title of the property to ECP, but doesn’t cancel any indebtedness owed by Palm Parkway Development to the grantee. Deed doc taxes paid on the transaction reflect a price of $15 million, which may indicate the debt owed. Excelsior did not return calls for comment on Monday.
In October 2014, Banco Popular North America, a division of Popular Community Bank and original mortgage lender to Palm Parkway Development, filed a financing statement amendment in Orange County that named ECP Commercial VI as a representative.
Palm Parkway Development’s sole registered agent is Richard “Rick” Mattaway, principal with Miami-based developer The Richard Brandon Co., which acquired the land in 2007 for more than $27 million. That included a 13.5-acre portion which the company subdivided off and sold in 2014 to multi-family developer The Altman Companies for $5.3 million.
The land neighbors nearly 500 undeveloped acres primed for acquisition in the coming year, as Orange County plans to build a 1.6-mile extension of Daryl Carter Parkway, from Palm Parkway to S. Apopka-Vineland Road.
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