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NorthStar Realty Finance Corp. Message Board

  • eric10847 eric10847 May 28, 2013 9:06 AM Flag

    NRF Florida land purchase

    Restoration development site in Edgewater sells for $61.5M
    NRF was the purchaser per the Daytona Beach News-Journal

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    • Found it in the business section after I reread DAR's posting. Prior owner paid $116 million and "it is nearly all permitted". Local opposition as usual objects and thinks transaction is just between "hedge funds"..

    • I read the article (perhaps too rapidly); didn't see NRF reference

    • Nice find. To read article, Google the newspaper. It's in the business section.

      EDGEWATER — A large tract of wooded land west of Interstate 95 that includes the proposed Restoration master-planned community has changed hands.

      NorthStar Realty Finance Corp., doing business as NS/CS Hammock Creek LLC, paid $61.55 million for 6,285 acres of timber and wetlands, according to Volusia County property records."

      Looks like a joint venture to me as nrf is not a builder/developer. NS= northstar. Don't know who CS is.
      For those who don't read, seller paid 116 million for this land in 2006.

      Next 10-Q may have details of the deal. I assume Hamo will be asked about this at next CC if he doesn't disclose the business plan for this property first. Unlike making loans or buying existing manufactured housing communities, which cash flow immediately, this looks like a long term deal to me. Nevertheless, if the prior owner thought it could make money starting with 116 million cost, this deal could be VERY profitable over time as the real estate market continues to recover.

    • More investments mean more dividends. Thanks for that find. GLL


      Sentiment: Buy

12.59+0.010(+0.08%)May 24 4:02 PMEDT