Loan backed by Galveston property for sale
June 15, 2010
By NANCY SARNOFF | Houston Chronicle
A New York real estate investment bank is selling $63 million worth of non-performing loans, including one secured by 15 acres in Galveston.
The property is owned by Falcon Group, the developer that built 288 units in a twin-tower luxury condominium project called Palisade Palms. The acreage is adjacent to the towers and has been slated for more high-rise residential development.
Carlton Exchange is selling the loan, along with others secured by hospitality, commercial, residential, and land assets on or near the Gulf Coast in Florida, Louisiana and Georgia.
Richard Anderson of Falcon Group said he wasn’t aware his loan was being sold and that he has been working to refinance the $4.25 million debt secured through Whitney Bank.
The development company has just nine units left to sell in the project and still hopes to move forward with future phases.
Earlier this month, Falcon Group sold 27 units at a one-day auction.
“It recalibrated a baseline, theoretically, for the bottom of the market,” Anderson said. “There’s been a lot of activity post-auction. Not just my units but on resales.”
