For Immediate Release
Fifteen Group Acquires Non-Performing Loan Encumbering Palm Beach County Land, Unsold Condos
Demonstrates commitment to value-oriented, land-focused transactions
Miami Beach – August 1, 2008 – Fifteen Group announced today that it has acquired a non-performing loan from Colonial Bank encumbering multiple land parcels in Palm Beach County, Florida. The collateral includes developed and undeveloped multifamily land and unsold and partially completed condominium units.
"We see value in land-focused transactions, provided the price is right," said Fifteen Group Co-Founder Mark Sanders. "This is a very difficult market, but there are opportunities for cash buyers who can move extremely quickly."
About Fifteen Group Land & Development LLC
Fifteen Group is a Miami-Beach based real estate-focused private investment firm. Fifteen Group’s investment activities are opportunity-driven, value-added acquisitions and development projects. Historically, Fifteen Group concentrated primarily on the multifamily sector. Currently, the firm invests selectively in all major real estate asset classes, in real estate-secured debt, and in corporate private equity transactions. Fifteen Group (www.fifteengroup.com) is based in Miami Beach, and has offices in Los Angeles and New York.
Contact: Mark Sanders