Landings Real Estate Group Purchases Distressed 148 Unit Condominium Development From HSH Nordbank AG
June 23, 2010
Newport, RI - On June 23, 2010, Landings Real Estate Group purchased the Continuing Care Retirement Community development formally known as Freedom Bay for $6.3M from HSH Nordbank AG. The partially completed development has been maintained by Nord Bank for the past three years after the bank foreclosed on the property back in October 2007 with a recorded sales price of $24M.
The development is comprised of 106 acres overlooking Narragansett Bay and has nine completed condominiums, 17 partially completed condominiums, a private wastewater treatment system, and over one mile of road, water, sewer and electric infrastructure in place. Prior to the purchase, Landings Real Estate Group received approval from the Portsmouth Zoning Board to remove the 55 years old age restriction required by at least one occupant and thus created a development that will attract a broad spectrum of buyers. In addition to the 148 condominiums, there is an approved 161 unit multi-family health care facility and 60,000 square feet of approved office space.
The development will be rebranded as Prescott Point named after the famous British General Prescott who was captured by Revolutionary Soldiers in July 1777at Prescott Farm. Prescott Point provided the pathway for American Colonel Barton and 30 men to surprise General Prescott and capture him at the Overing House located on Prescott Farm.
Christopher C Bicho, President of Landings Real Estate Group stated, "Prescott Point is a tremendous opportunity for our organization and we are grateful to the current nine residents for their support during the acquisition process. In addition, Landings will continue to acquire distressed and opportunity assets like Prescott Point that present a tremendous upside through our proven value add approach whether it be through repositioning, improved property management, or modification of entitlements that result in a significant expansion of value."
Landings Real Estate Group owns and operates in excess $100 million of assets comprised of 1,000 multi-family homes, condominiums, and commercial property located in New England and Eastern New York.