And again I have to go on record and say its disgusting the amount of RE they own. Today I mostly poked around the NE part of Florida, the biggest find was I think Heartwood 23, it's got roughly 623 acres that is/ was part of a 2000 acre master planned community called "twin creeks".......here is the funny part, the land is on the tax rolls at 170-200k ( no BS couldn't believe it myself) because it's grandfathered in as Timberland but the property appraiser lists the market value at 6m+ ( which is around 10k an acre, which seems reasonable, maybe even low for the end user value).......makes me really want to know the "book value" that it was written down to ( another CAM asset and part of the original builder land bank loans that got Levan in hot water with the SEC) .........the entire 2000 acres were assembled for around 75m back in 2006
Found a ton of other semi sold out condo projects ( mostly class A office), some high end lots and town homes ( water front ) .......and another 150-250 acres in land in the interior of the state
I honeslty would't be shocked if they are in the top 5 or 10 landowners in Florida
And I am back to wondering if they spin off the "Heartwood LLCs" as a separate company with an IPO offering 30-45% with BFCF holding on to the majority like always......raise 300-500m
CG: Appreciate your research very much! I too would love to know what all this valuable property has been written down to. L has briefly mentioned it and the "goldmine" BXX was left with. This is why he wants it all!
what kills me and keeps me wondering is why things are set up the way they are. I had guessed that each of the LLCs were at first single asset entities but then I find some own numerous and random properties. So my guessing went to each LLC=borrower/ relationship but (haven't killed myself disproving that) it upon a cursory look I don't think that is the case either..........wish yahoo would let me post links, once I figure out a property address its easy to find old listing/ info on it thanks to google