In February 2014, Ironshore acquired a premier infill residential tract in near Phillips Place in Charlotte, NC. The Avignon site is entitled for 33 residential units, including 15 single family detached and 18 townhouse units. Ironshore intends to develop Avignon and sell buildable lots beginning in the Summer of 2014 to a national homebuilder.
In June 2012, Ironshore invested alongside an experienced Maryland residential developer in an equity joint venture to develop an amenitized, 1,545-lot planned community located in the center of the triangle formed by Washington, DC, Baltimore and Annapolis. Ironshore’s investment rescued this excellent project, the land note for which was in default after eight years of planning and entitlements, at a time when the local market is significantly undersupplied with single family lots.
In March 2011, Ironshore acquired from a large regional bank 35 luxury waterfront condominium units, 27 private marina slips, and entitled land for an additional 32-unit luxury condominium tower. Sales of the existing units and marina slips began immediately and the firm is now reviewing construction plans for the second condominium tower.
In November 2010, Ironshore acquired from a large regional bank a portfolio of non-performing residential development loans secured by 19 new homes, 54 developed lots, and approximately 500 acres of entitled land in planned residential developments with concentrations in the greater Charleston market. After securing title to the underlying real property through friendly foreclosure, Ironshore began selling homes in the Spring of 2011 and is currently selling developed lots and entitled land to various homebuilders.
In June 2010, Ironshore acquired from a large Florida bank a nonperforming loan secured by the balance of an existing luxury residential community located on the barrier island in Vero Beach along the intracoastal waterway. The community had approximately 50 finished, sold homes and remaining collateral included 32 fully developed single family lots and entitled land for an additional 34 single family lots. Following a negotiated friendly foreclosure, Ironshore worked with the local builder community to reposition the project to offer the best high-end, new construction value on Vero’s barrier island.
In June 2010, Ironshore acquired 12 unsold condominium units in an existing oceanfront building on Jacksonville Beach. Ironshore successfully sold out of these units over a 24-month hold.