COBBLESTONE AT EAGLE HARBOR

Cobblestone at Eagle Harbor was purchased in December 2010 from a bankrupt condominium converter. Commonly referred to as a “fractured condominium,” Larkspur acquired 190 out of 328 units by restructuring the existing mortgage to extend the maturity and reduce the interest rate.

Larkspur has improved occupancy and cash flow and has begun selling individual condominium units at prices significantly above its cost basis.

LOCATION

Jacksonville, FL

DEAL TYPE

Debt Restructuring

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