Colony Lender's ownership share increases

Colony Lender LLC acquired the 15% interest of the Colony Beach & Tennis Resort’s recreational/resort assets previously owned by the Carolyn Field Trust Friday, according to Colony Lender partner David Siegal.

Colony Lender paid $766,350 for the interest.

The acquisition now gives Colony Lender a 95% interest in recreational/resort property that includes a maintenance area (laundry, flower shop, conference center and fitness center), the administration center at the front of the property, the tennis courts, commercial condominiums in the hotel building, the resort kitchen and resort conference areas.

Colony Lender already had an 80% interest in the properties because it owns bank loans belonging to longtime Colony owner Dr. Murray “Murf” Klauber. Colony Lender is in the process of foreclosing on those loans.

Said Siegal in a press release issued today: “The acquisition was made to protect the collateral of the loan purchased from Bank of America, which is in foreclosure. A 95% interest in the so-called recreational facilities are much more secure than an 80 percent interest. Hopefully, this will result in better bidding at the foreclosure sale, and the chances for a deficiency judgment against Dr. Klauber are also reduced.”

For more information, pick up a copy of the May 20 edition of the Longboat Observer.

Contact Kurt Schultheis at [email protected].