Pordes handles bulk sale at Fontainebleau Resort
Condo expert Mark Pordes has completed the sale of the last 25 units at Fontainebleau Sorrento for $7.2 million. The purchaser was BH III, the current owner of Terra Beachside at 6000 Collins Ave. on Miami Beach. Pordes Residential Sales & Marketing handles exclusive on-site marketing sales for the 116-unit upscale condominium project.
This latest transaction is the second bulk sale completed by Pordes at the Fontainebleau Sorrento. The first package of units took place in August 2009 to a private investor group from New York for roughly $8 million.
“Bulk sales are working in this market because they provide developers/sellers with a quick cash solution and buyers with an excellent investment opportunity without the development risk,” says Pordes, founder and president of Pordes Residential in Aventura. “These deals will stay popular as long as lenders are in control of projects.
“The smart thing for a developer to do now,” says Pordes, “is to raise quick cash through a bulk sale or a strategic coordinated carve-out sale to pay down or pay off debt to the lenders.”
Developers need to adhere to their pay down schedules, and many have not met those thresholds to conform with their loan requirements. Our strategy accelerates the risk for developers to avoid default or further penalties.”
In early June 2010, Pordes negotiated the largest condominium bulk sale of the year -- 146 units at the luxury 2700 North Ocean condominium towers on Singer Island in Palm Beach County for approximately $120 million to a private equity fund from New York.
Pordes and his firm of seasoned sales professionals have carved out a niche by working with condo developers, lenders or current owners of today’s condominium inventory in the marketplace. They formulate a plan that apparently has delivered results for several high-profile real estate groups in South Florida.
As with other deals, the Fontainebleau sale was handled quietly to protect the global reputation of the Miami Beach resort-hotel and its associated properties.
“There was no public bidding and no negative publicity,” says Pordes. “We position each transaction so that the purchased units won’t compete with the ones that may still be for sale by the developer. It’s complicated, but we make it work.”
Pordes and his team took the same approach when they assembled another bulk sale of units for $7.5 million at Peninsula II in Aventura. On this transaction, the Pordes team tapped into its international network of contacts, a group of Argentinean investors who closed in December 2009.
ABOUT PORDES RESIDENTIAL SALES & MARKETING
Mark Pordes started the company after working for 10 years as vice president of Residential Sales for Turnberry Ltd., one of South Florida’s most prestigious condominium developers.
He oversaw Turnberry’s portfolio of over 3,000 units in South Florida and the Bahamas including The Reef at Atlantis in Paradise Island, a condo-hotel, Fontainebleau II and Fontainebleau III also condo-hotels in Miami Beach, Turnberry Village, and Porto Vita in Aventura to mention a few.
Pordes has more than 25 years of extensive experience in the South Florida condominium market, working with some of the largest and most well accomplished developers. Prior to joining Turnberry, Pordes handled international sales at the prestigious Williams Island and oversaw sales and marketing at the Santa Maria on Brickell Avenue.
His comprehensive background and longevity during the various real estate cycles have afforded him the ability to navigate through today’s challenging times.
The firm’s senior management team includes Michael Internoscia, VP of Sales, Michael Sadov, VP of Operations, and Mindy Pordes, Director of Business Development.
CONTACT Julie Talenfeld or Jennifer Clarin of Boardroom Communication, 954-370-8999 or firstname.lastname@example.org.
Pordes Residential Sales & Marketing
18851 NE 29th Avenue, Suite 1011
Aventura, Florida 33180
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