MetLife to offer windstorm insurance on island
June 15, 2010
By Laura Elder
The Galvston County Daily News
On the block: In this trying market, it’s not surprising lenders have commissioned New York auction house Carlton Exchange to sell $63 million of nonperforming loans in formerly sizzling coastal areas.
What is surprising is that among the loans being auctioned is one secured by 15 acres meant for the third and fourth phases of posh Palisade Palms, a 288-unit condominium development on the island’s East Beach.
The loans are being offered through www.carltonexchange.com.
Richard Anderson, a principal of Houston-based Falcon Group, which developed the two-towered, 27-story Palisade Palms, said Wednesday he was unaware of the auction and was working to refinance the $4.5 million loan obtained through Whitney Bank.
“This comes as a bit of a surprise to me considering we are actively working in concert with Whitney on the refinance of this property, ” Anderson said.
Falcon Group also still is very interested in eventually moving ahead with a third phase, he said.
The most likely buyers in such auctions are developers who, if so moved, would foreclose on the property, say Carlton Advisory Services partner Michael J. Campbell and analyst Chris Nickerson.
Palisade Palms, still one of the more successful condo properties in Texas, recently made auction buzz of another kind.
On Sunday, about 600 people attended an auction of 27 units. Kennedy Wilson Auction Group reports all were sold. Stay tuned.
