Posted on Monday, February 7, 2011
Easton Lynd Management in Miami acquired $62 million worth of distressed notes on 14 office, industrial and retail properties across the country.
Easton Lynd, which is co-owned by industrial developer Ed Easton, obtained the notes at a 50 percent discount. The deal gives the company control of debt on 1.3 million square feet of commercial real estate in Florida, Texas, Illinois, Indiana, New York, Ohio, Maine and Washington, D.C.
The transaction involves 75,225 square feet of industrial space in Pompano Beach, 100,000 square feet of industrial space in Lauderhill and 85,000 square feet of flex and office space in West Palm Beach.
Easton Lynd declined to disclose the address of the South Florida properties.
“We have a big appetite for this type of product and another $100 million dollars of equity available to invest,” said A. David Lynd, president of Easton Lynd, which is affiliated with the Lynd Co. in San Antonio, Texas
The seller is an undisclosed special servicing agent assigned to handle disposition of the distressed assets, according to Easton Lynd. Some of the notes belong to properties owned by the lender while the balance are related to properties still in foreclosure.
Paola Iuspa-Abbott, South Florida Business Journal