Angelo & Banta Law Firm closes joint venture to acquire The Strand Residential Tower
The law firm of Angelo & Banta, P.A. is pleased to announce it represented American Land Ventures of Miami in the formation of a joint venture and the related acquisition of The Strand, a 295-unit luxury high-rise residential tower on the south bank of the St. Johns River in Jacksonville, Florida.
The firm assisted American Land Ventures in negotiating and closing a joint venture arrangement with Real Estate Capital Partners, a national real estate equity fund based in New York City. A new joint venture was formed between American Land Ventures and Real Estate Capital Partners, and the firm negotiated a contract to purchase The Strand project. The transaction closed December 28, 2007.
Merrill Lynch Capital provided financing in the amount of $46,000,000.00.
Additional financing was provided by IVG Institutional Funds GmbH.
Simultaneous with closing the fee owner was merged with its parent, The Strand Investors Limited Partnership, a Delaware limited partnership.
Managing partner Thomas Angelo and partner Gavin Banta handled the negotiations and the closing.
The Strand offers a number of community amenities and conveniences to its residents. The Strand residents enjoy a fitness center with state-of-the-art weight and cardiovascular equipment, a wellness center and recreation deck with swimming pool. The development offers immediate proximity to an above ground monorail that provides passenger transport in and around the Downtown Jacksonville CBD. The unit mix is comprised of studios, one-, two- and three-bedroom units average approximately 1,200 square feet per unit.
American Land Ventures is a Miami-based multi-family developer and owner, having developed more than 3,500 high-rise, mid-rise and garden apartments and condominiums in Florida, specializing in urban infill projects.