Month: September 2015

New York investor snags $402M rental home portfolio with C. Fla. homes

New York investor snags $402M rental home portfolio with C. Fla. homes
Anjali Fluker, Senior Staff Writer Orlando Business Journal

A New York private investment firm spent $402 million to buy a portfolio of 4,200 rental homes in seven states, which includes 138 homes in Central Florida.

CSMA BLT LLC, an entity related to Cerberus Capital Management LP, on Aug. 31 bought the portfolio of homes in Florida, Illinois, Indiana, Mississippi, Missouri, Kansas and Tennessee from an entity related to Stamford, Conn.-based Building Land & Technology, said a news release.

Of the 387 homes in Florida that are part of the portfolio, 120 are in Orange County, seven are in Lake County, seven are in Volusia County and four are in Seminole County, the release said.

The then-pending sale was first reported in June by Bloomberg Business, which called it the industry’s largest bulk purchase. The purchase also will make Cerberus Capital Management one of the top 10 owners of U.S. houses, Bloomberg Business reported.

Fort Lauderdale-based law firm Angelo & Banta PA was lead counsel on the sale.

Private equity firms, hedge funds and foreign investors have been responsible for several bulk home sales in the region, helping boost the residential real estate market’s prices. The area’s housing industry is considered a bellwether for overall economic health.

Read more at: http://www.bizjournals.com/orlando

Fort Lauderdale Attorneys Advise on $402M Apartment Deal

Fort Lauderdale Attorneys Advise on $402M Apartment Deal
Samantha Joseph, Daily Business Review

A Fort Lauderdale law firm was the behind-the-scenes dealmaker in a $402 million real estate transaction that set national records.The corporate practice at Angelo & Banta spent months negotiating the acquisition of a 4,200-unit rental home portfolio from Stamford, Connecticut-based Building Land and Technology—a deal Bloomberg News called the “industry’s largest bulk purchase.”

The firm’s client, Delaware-based CSMA BLT LLC, is an affiliate of Cerberus Capital Management LP, a private equity firm headquartered in New York. It invested north of $402 million in the portfolio that stretched across Illinois, Indiana, Mississippi, Missouri, Kansas, Tennessee and included 387 Florida units.

“I had to coordinate and quarterback all that,” said Tom Angelo, managing shareholder of Angelo & Banta.

He began negotiating the purchase contract in May, and he and partner Gavin Banta teamed up on Monday’s closing.

“We were retained to act as lead counsel for the buyer, and negotiated the purchase agreement over a two-week period in a competitive process,” Angelo said. “There was a tremendous amount of coordination that took place after the contract was signed,as we retained local counsel in seven states and dealt with a variety of issues that were unique in each jurisidiction.”

King & Spalding in Charlotte, North Carolina, represented the seller.

 
Read more: http://www.dailybusinessreview.com/id=1202736373706/Fort-Lauderdale-Attorneys-Advise-on-402M-Apartment-Deal#ixzz3lDIuba6W

Angelo & Banta Law Firm Represents Institutional Buyer of $402 Million Home Portfolio

Angelo & Banta Law Firm Represents Institutional Buyer of $402 Million Home Portfolio

FT. LAUDERDALE, FL – (Marketwired – September 01, 2015) – Angelo & Banta, PA is pleased to announce it acted as lead counsel for CSMA BLT LLC in its acquisition of a 4,200-unit rental home portfolio from Building Land and Technology based in Stamford, CT. The purchase price was in excess of $402 million. In June, Bloomberg Business called it the “industry’s largest bulk purchase.”

CSMA BLT LLC is owned by certain funds and accounts managed by certain affiliates of Cerberus Capital Management LP.

The portfolio included homes in Florida, Illinois, Indiana, Mississippi, Missouri, Kansas and Tennessee.

The transaction closed Monday, August 31.

Angelo & Banta, P.A. is a progressive Fort Lauderdale, Florida-based law firm representing a diverse group of businesses, entrepreneurs, financial institutions, insurance companies and professionals.

Read more at: http://www.reuters.com/article/2015/09/01/idUSnMKW7Vlfra+1d0+MKW20150901