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.