Cole Schotz Advises Westside Capital Group in $126M Acquisition of Two Waterfront Properties in Fort Myers – Further Growth of its Expanding Florida Real Estate Practice
Cole Schotz P.C. represented Westside Capital Group, a real estate investment firm, in connection with approximately $126 million in acquisitions and financings of two waterfront properties in Fort Myers, Florida, overlooking the Caloosahatchee River.
The first property closed on August 23, 2021, is known as Oasis Grand, Tower II, located at 3040 Oasis Grand Boulevard, and is a 265-unit, 32-story residential apartment building with full amenities. The property was acquired by Westside from Lofton Island Developments LLC and Lofton Island Holdings LLC. The purchase price was $71 million with $57 million in financing provided by Bridge Debt Strategies Fund Manager, LLC.
The second property closed on September 7, 2021, is known as Campo Felice, located at 2500 Edwards Drive, and is a 24-story residential apartment building with full amenities and vacant commercial and retail spaces. The property was acquired by Westside for $55 million from Campo Felice Phase I LLC, with $47 million in financing from Ladder Capital Finance LLC.
The team for these deals was led by members Jordan Metzger and Eric Reisman and include members Robyn Pellegrino, Jordan Fisch, David Dean, Jeffrey Schechter, Christopher Kula, Arnold Zipper, associates Isabelle Jacobs, Patrick Parrish, Joseph Armenti, David Borsack, and paralegals Rosanne Cohen and Kim McEllen.
These recent acquisitions further cement Cole Schotz’ place in the Florida real estate market, having closed transactions exceeding $330M this year to date. These deals follow on the heels of a $100M acquisition in Birmingham, Alabama that Cole Schotz handled for Westside earlier this year. The expansion of our Florida office has enabled our team to meet the needs of local clients, strengthening the firm’s already existing national presence. Further information on the firm’s Florida practice, in real estate and other expanding areas, can be found here.
As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.
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