Kaye Scholer Represents Acquirer of Florida Condo Building
March 15, 2010
Kaye Scholer 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 was built in 2007, at the height of the Florida housing boom, and is the tallest residential tower in Orlando. It 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.
The Kaye Scholer team that handled the acquisition included Aaron Lehrfield, Michael D. Messersmith, Rachel S. Kless and Kathryn L. Schmanski.