Bay Pompano – Pompano Beach, FL (Boward County)
Bay Pompano was formed in 2005 to finance the acquisition of the Windward Lakes Apartments in Pompano Beach (Broward County), FL, originally built in 1992. In June 2005, the property was acquired by Bay Communities, a Florida real estate developer and condominium converter. Bay Communities acquired the property for $34,725,000. The purchase was financed primarily by a $32,000,000 promissory note secured by mortgage.
CCM Pathfinder Pompano Bay, LLC (“CCM Pathfinder Pompano Bay”) was formed to acquire fragmented loan share interests in Bay Pompano, LLC, which it began doing in November 2006. CCM Pathfinder Pompano Bay is owned jointly by Pathfinder Partners, LLC and Contrarian Capital Management, a financial institution with $3.5 billion of capital under management specializing in distressed debt and opportunistic real estate investments. In August 2008, the owner of the junior loan acquired the interests of the senior loan, including those of CCM Pathfinder. Bay Pompano was sold in 2008.
At a Glance
|City, State:||Pompano Beach, Florida|