Reese Stigliano, a principal at Berger Commercial realty represented Hoyer Homes, LLC in their purchase of a 65-acre parcel located in the city of Palm Bay in Brevard County, Florida. The land is located in the master-planned mixed-use development known as Bayside Lakes. Hoyer purchased 210 single-family lots. 101 lots were in the Amberwood subdivision and 109 lots were in the Wellington subdivision.
Hoyer purchased the land from CRM Florida Properties, LLC, an entity formed by SunTrust Bank, paid $1,575,000 or $7,500 per lot. The
purchaser’s objective will be to land bank the land , with the intent to sell to lots in a takedown arrangement to publicly traded homebuilders, which eliminates the homebuilder’s expensive land development infrastructure cost and interest carry.
The deal was not without its obstacles. Over $1 million in past due utilities fees were owed. Mr. Stigliano assisted in the negotiation of a
deal with the City of Palm Bay to reinstate the utility agreement and reduced past due fees to $250,000. In addition, a settlement to waive
past due property owners association fees of $250,000 and reduced annual POA fees going forward had to be negotiated.
This is Reese’s second deal with Hoyer Homes. Reese represented Hoyer in the purchase of 53-acres in Miami-Dade county back in December, 2010.
