The Sun-Sentinel reports, "Florida homebuilder Tousa Inc. won bankruptcy court approval to sell a note it holds on a piece of property in one of Orlando's most popular tourist areas for $13.5 million.Bankruptcy Court in Fort Lauderdale on Thursday said Tousa can sell the note to PRN Real Estate & Investments Ltd, a Florida company."
"Tousa sought to sell the note after the note's issuer, which pledged the debt as part of the purchase of the Orlando property, defaulted on the note."
"In court papers filed last month, Tousa said that, by selling the note, it would avoid having to initiate a lengthy foreclosure action against the note's issuer. The company said PRN's $13.5 million bid was its best option in spite of a $2.8 million shortfall between the offer and the note's face value of $16.3 million."
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Tousa has (had?) a major project Broward County.
Ol' Man Wiley Had a Farm
The development site is located between Sterling on the North, Sheridan on the South and West of University. I've been driving by those former cow pastures for 30 years, and had wondered who bought it.
From the article: "may languish for years without completion."
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