January 2012

  • Jan

Ram’s Pineapple Cove Honored with Green Achievement Award

January 19, 2012

via TCPalm.com

Ram is pleased to announce that its residential community, Pineapple Cove, was honored Wednesday with the 2011 Green Achievement award, presented by the Jensen Beach Chamber of Commerce.

According to Business Manager Angela Martin, “Pineapple Cove was recognized for the roll-out of its sustainability program within the community, including apartment unit conversion to environmentally friendly features and pool conversion to salt water.” Martin accepted the award from 2011 Chamber President Jim Moore.

Pineapple Cove is centrally located at Britt Road and U.S. 1 in Jensen Beach.

  • Jan

Ram Acquires Note on The Cypress Shopping Center

January 16, 2012

Tampa, FL – Ram has acquired the distressed mortgage on The Cypress, a 134,000 square foot shopping center in northeast Tampa. Ram acquired the note from Regions Bank. This is the fourth investment on distressed notes Ram concluded in the 4th quarter of 2011 and the second investment made on behalf of Ram’s newest fund, Ram Realty Partners III.

“The Cypress is solid collateral as security for the note,” said Jim Stine, chief investment officer of Ram. “The center is in a high growth market, located at the southwest corner of Bruce B. Downs Boulevard and County Line Road.” Sweet Bay and LA Fitness are anchor tenants. The property also includes 28,000 square feet of retail, five vacant outparcels and three vacant pads.

Most recently, Ram closed on a $27 million note for a Plantation, Florida shopping center anchored by Publix and Stein Mart. Over the past two and a half years, Ram has acquired 58 distressed real estate notes with a total face value of approximately $275 million. The note secured by The Cypress had an outstanding balance of approximately $29 million.

  • Jan

140 West Building Goes Up

January 1, 2012

via Chapel Hill News

CHAPEL HILL – Downtown Chapel Hill’s second biggest condominium project got under way last January after more than a decade of planning.

The $55 million 140 West development will have 140 condominiums, shops, a public plaza and an underground garage at the intersections of Franklin, Church and Rosemary streets. The building will stand four stories tall along Franklin Street; it will “step back” to eight stories tall at the center.

The town is paying the developer, RAM Development Co., $7.245 million using tax-exempt borrowing for underground public parking spaces, $45,000 per parking space, after construction.

Construction on the project will take at least one more year.