Hoyer Homes, LLC closed on a 65-acre parcel located in the city of Palm Bay in Brevard County, Florida. The land is located in the master-planned mixed-use development known as Bayside Lakes. Hoyer purchased 210 single-family lots. 101 lots were in the Amberwood subdivision and 109 lots were in the Wellington subdivision.
Hoyer purchased the land from CRM Florida Properties, LLC, an entity formed by SunTrust Bank, paid $1,575,000 or $7,500 per lot. The purchaser’s objective will be to land bank the land , with the intent to sell to lots in a takedown arrangement to publicly traded homebuilders, which eliminates the homebuilder’s expensive land development infrastructure cost and interest carry.
Reese Stigliano, a principal at Fort Lauderdale-based Berger Commercial Realty, represented the buyer in this transaction, his second deal with Hoyer Homes. Reese represented Hoyer in the purchase of 53-acres in Miami-Dade county back in December, 2010.
The deal was not without its obstacles. Over $1 million in past due utilities fees were owed. Mr. Stigliano assisted in the negotiation of a deal with the City of Palm Bay to reinstate the utility agreement and reduced past due fees to $250,000. In addition, a settlement to waive past due property owners association fees of $250,000 and reduced annual POA fees going forward had to be negotiated.
The deal closed on Wednesday, June 29, 2011.
Reese Stigliano / 954.562.3430