SouthStar Development Takes Bluegreen Communities for $29M
May 6,2012- CORAL GABLES, Fla. – SouthStar Development Partners Inc. has taken control of Bluegreen Communities for $29 million in cash, bringing seven months of negotiations to a close.
The Boca Raton, Fla.-based seller, Bluegreen Corp., used part of its proceeds to retire a $20.2 million loan balance. The debt was satisfied along with accrued interest and a $2 million deferred fee, according to the company.
In a press release, Bluegreen said it isn’t expecting to realize a significant gain or loss as a result of the debt, transaction expenses and satisfaction of certain liabilities for which it is still liable.
The buyer has four offices in Florida and one in Dallas. It specializes in mixed-use projects, such as Aberdeen and Durbin Crossing in St. Johns County, Fla.
SouthStar’s new portfolio pieces are Vintage Oaks and Havenwood near New Braunfels, King Oaks near College Station, and Lake Ridge and Sugar Tree near Dallas/Fort Worth, all in Texas; Sanctuary Cove at St. Andrews Sound, Ga.; and Chapel Ridge near Chapel Hill, N.C.
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