SilverLeaf acquires two non-performing Florida loans totaling $47 million

SilverLeaf Financial has acquired two non-performing loans with an aggregate unpaid principal balance of $47 million. The underlying collateral is comprised of 153 fully furnished condo units along with 15.23 acres of commercial land. The two notes originated in 2004 and 2005 for the purpose of acquiring the land and to fund the construction. The hotel condo was completed in 2007. The development was originally designed to be sold as a turnkey, fully furnished hotel condo with individual owners able to participate in the resort's vacation rental program. Because of the downturn in the market, only five units were sold. The property is 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. It is a 286-acre Community Development District (CDD) residential community and destination resort. It is zoned for a total of 1,897 single, multifamily dwellings, hotel units and 533 boat slips. The first phase of the resort included the Harborside condominium, 108 townhomes, two restaurants, tennis courts, and marina. The community features one of only two natural beaches along Tampa Bay. SilverLeaf Financial's CEO Shane Baldwin said, "We have been active buyers in the Florida market and are actively looking to acquire more loans there." Baldwin said SilverLeaf continues to fuel its growth through purchasing distressed whole loans secured by cash-flowing commercial real estate. Since inception in 2008, SilverLeaf has acquired $600 million in performing and non-performing loans.