A Naples company that owns apartment complexes throughout Florida, including nearly 20 developments in Hillsborough and Pinellas counties, is facing another foreclosure, this one on Brentwood Apartments Tampa.
It’s the second lawsuit brought by Branch Banking & Trust Co. against a limited liability company in Hillsborough County owned by Barfield Bay Holdings Inc. of Naples and Ronald Glas, firm president, court records show.
The most recent lawsuit, filed Oct. 13 in the 13th Judicial Circuit, seeks to foreclose on the 180-unit complex at 8741 Grove Trail for a $9.4 million loan issued in May 2007 to Brentwood Apartments Tampa LLC.
Branch Banking & Trust, a subsidiary of Winston Salem, N.C.-based BBandT Corp., bought the loan from the Federal Deposit Insurance Corp. as receiver of Colonial Bank.
In addition, Branch Banking & Trust has a Hillsborough foreclosure pending on Brookside Tampa Apartments over a $16.7 million loan it also acquired from Colonial.
Glas did not return a call seeking comment.
Barfield Bay’s Web site shows the company also owns Amberton Apartments, Brittany Apartments, Carlyle at Waters, Central Park Apartments, Dauphine, French Quarter Apartments, Rivertree Landings Apartments, Terrace Pointe Apartments and Westwinds Apartments, all in Hillsborough.
Wells Fargo Bank, as trustee for Merrill Lynch, has brought two lawsuits this year seeking to foreclose on Hidden River Grande and Rivertree Landing, records show.
Plus, Whitney National Bank filed a lawsuit to foreclose on a $4.5 million loan secured by Brittany Apartments.
In Pinellas, Barfield Bay owns Pinellas Pointe, Plaza Arms, Tanglewood Apartments, Waterside Village Apartments, Palma Ceia and Woodlawn Apartments, all in St. Petersburg; and Norton Apartments in Clearwater.
Barfield Bay Holdings is obviously not the only landlord facing financial issues with maturing loans or overleveraged projects, said T. Sean Lance, managing director at NAI Tampa Bay.
NAI Tampa Bay is tracking 30,000 distressed apartment units in Tampa, Orlando and Southwest Florida, Lance said. “There are a number of ownership groups out there that are in trouble,” he said.
For the most part, foreclosures on apartments don’t affect the tenants, unless maintenance is deferred for financial reasons, Lance said. “Ownership can change without the tenants even realizing it,” he said.
source : http://tampabay.bizjournals.com/tampabay/stories/2009/10/19/daily61.html?ana=yfcpc
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