The Related Group is poised to lose another one of its projects.
A source says a consortium of lenders that financed the Oasis, a $215 million condominium development built by Related in Fort Myers, is in the process of selling the $143 million mortgage note on the project. As part of the deal, Related will agree to a "consensual foreclosure," which will give the note buyer control of the 425 unsold units in the 440-unit development.
David Metalonis, a Colliers Abood Wood-Fay broker, confirmed he is representing the Oasis lenders in the sale of the note. Metalonis said he started marketing the note about two months ago and has received 32 qualified, cash offers. He said a buyer has been selected and the purchase agreement is in the works.
"We will be going under contract any day now," he said. "Certainly within a week. And we expect it will be a fast closing."
Metalonis said about 200 potential buyers went through the underwriting process to buy the note and the sale price exceeded the expectations of the lenders. He declined to name the buyer or disclose the price of the note.
"There is a huge pool of capital that is ready and willing to do deals out there," he said. " Everyone is starving for opportunities, especially a deal of this size, developed by a very prominent developer."
When asked about Related surrendering the project, Metalonis would only say "the buyer is going to be awarded a clear path to title" as part of the deal.
Related Group attorney Betsy McCoy declined to comment.