ALAQUA LAKES
Seminole County (Orlando MSA), Florida

Alaqua Lakes is a fully entitled 796 acre residential development located in the rapidly growing I-4/Lake Mary corridor north of Orlando. The property was approved for 515 dwelling units to be developed around an 18-hole championship golf course and full country club amenities. The 515 single family homesites varied from 1/4 acre to 1 full acre, with the entire parcel surrounded by a 500 acre nature preserve with 2.5 miles of frontage along the Wekiva River.

Accomplishments: Pine Street Partners was retained on an exclusive basis by Westbury Developments, Inc. to market and negotiate the sale of Alaqua Lakes. The sale closed for $11 million cash, with the seller retaining a carried interest in the development of the property.


IBIS / MICHIGAN NATIONAL BANK
Farmington Hills, Michigan

Michigan National Bank provided acquisition and development funding for a 1,900 acre residential planned unit development (PUD) with two championship 18-hole golf courses in North Palm Beach, Florida. Early marketing efforts were adversely effected by a recession and the pace of shelter product sales was well below forecast.

Accomplishments: Pine Street Partners was retained by Michigan National Bank to analyze the project in detail, determine the development’s capacity to carry debt, and recommend a strategy for negotiating with the borrower. Pine Street Partners met with the development team over a period of six months, examined each business activity at the property, generated cash flow projections, and attended lender/borrower work sessions. With the firm’s assistance, Michigan National Bank was able to restructure their loans, including additional funds for the construction of a 44,000 square foot golf clubhouse, with minimum disruption to the property’s marketing efforts. <


CITICORP REAL ESTATE (CITICORP) AND
FIRST NATIONAL BANK OF BOSTON (FNBB)
Orlando and Tampa, Florida

CITICORP and FNBB restructured their $100 million credit facility with a publically traded Florida land developer following the acquisition of the company by an investor. Shortly after the acquisition the loan went into default and a bankruptcy filing was imminent.

Accomplishments: Pine Street Partners, with the assistance of Landauer Associates, was retained by CITICORP and FNBB to serve as their advisor in negotiations with Gulfstream, the company’s bondholders, and numerous project lenders. We were responsible for collecting and analyzing all available data on the company’s multiple real estate assets throughout Florida and the southeast United States; projecting cash flow on an asset-by-asset basis; and determining each asset’s ability to support debt. All substantial assets were inspected, on-site management was interviewed, and numerous meetings were held with Gulfstream’s senior staff.

A bankruptcy filing had been avoided and the assets of Gulfstream had been partitioned. A number of assets were selected by CITICORP and FNBB with the firm’s assistance for inclusion in a “land bank”, anchored by the 9,000-acre Tampa Palms project north of Tampa. Approximately $50 million in debt had been canceled; a surviving entity was formed around Gulfstream Housing with CITICORP and FNBB as lenders in a reduced role.