The Real Deal Miami

Regions Bank sells off troubled Strada 315 loan

July 16, 2008 11:34AM

Beleaguered Regions Bank sold its mortgage on Strada 315 in Fort Lauderdale to a Philadelphia-based real estate private equity firm that buy distressed debt. Terms of the deal with Lubert-Adler Strada Note Holder, an affiliate of Lubert-Adler Partners, were not disclosed. There have been several recent transactions by banks selling notes on troubled South Florida projects to investors. While banks seek exit strategies, discount-hungry buyers see opportunities. In Strada 315’s case, Regions was facing a bankruptcy case delaying the collection of its loan.