SilverLeaf Financial Acquires Nonperforming Loans

SilverLeaf Financial has acquired two nonperforming loans with an aggregate unpaid principal balance of $47 million.

The underlying collateral is comprised of 153 furnished condominium units along with 15.2 acres of commercial land located on the south shore of Tampa.

The two notes originated in 2004 and 2005 for the purpose of acquiring the land and to fund the construction. The hotel condominium was completed in 2007.

The original design for the development was for it to be sold as a turnkey, fully furnished hotel condominium with individual owners able to participate in the resort’s vacation rental program. Because of the downturn in the real estate market, only five units were sold, resulting in the property currently being operated as a hotel.

The loan’s collateral is part of a larger mixed-use master planned development known as Little Harbor Resort. This is a 286-acre community development district that serves as a residential and destination resort. There would be a total of 1,897 single, multifamily dwellings and hotel units, plus an additional 533 boat slips.

The first phase of the resort included the harborside condominium, 108 townhomes, two restaurants, tennis courts and marina. This community district is one of only two natural beaches along Tampa Bay.

“We have been active buyers in the Florida market and are actively looking to acquire more loans there,” said Shane Baldwin, CEO of SilverLeaf Financial. “SilverLeaf continues to fuel its growth through purchasing distressed whole loans secured by cash-flowing commercial real estate.”

Since the Salt Lake City-based firm started in 2008, it has acquired $600 million in performing and nonperforming loans from the Federal Deposit Insurance Corp., regional banks, special servicers and other financial institutions.