SOLA VISTA CONDOMINIUMS

OPPORTUNITY: When a local banker notified Versaggi Companies about a distressed bank note opportunity, it set in motion the events that eventually became a win-win-win situation for all parties. Sola Vista was owned by an individual who was in default, unable to complete the condo project and who wanted to avoid foreclosure. Versaggi Companies negotiated with the lender on this 70% completed project, purchased it from the owner, brokered with the original contractors to finish the project, then had the bank loan reinstated to avoid the foreclosure sale.

Sola Vista Condominiums is an urban infill project located in Tampa’s Westshore District. This gated, 3 BR, 2 BA, 2-car garage condo community was fully completed and priced to sell in a declining market. The units were recognized as a tremendous value, consisting of 1,650 heated SF, including crown molding, hardwood flooring, designer bath enclosures with Jacuzzi tubs, stainless appliances, and granite countertops over maple cabinetry throughout as standard finishes. Urban Edge was able to offer its equity investors a quick return of capital, as it purchased the Sola Vista project, completed the work, marketed, sold, and closed all six units within 90 days.