55 West at the Esplanade downtown Orlando, finally went back to the bank last week.
The Dutch lender who instituted foreclosure proceedings at theÂ 55 West condominiumÂ last year repossessed the property following a no-bid auction on Friday.
“It was kind of a formality,” said Jeff Sweeney, commercial specialist with Grubb & Ellis Commercial Florida Inc., which is marketing part of the multi-use downtown Orlando highrise. Yep, this has been in the works for some time. AboutÂ $240 millionÂ in mortgage payments were owed it seems.
55 West condos are now transitioning to rental units and the bank is movingÂ forward aggressively with renting the units, as opposed to selling them as condos.
Zom Residential Services has been leasing studio lofts and other units, with rents starting at $1,100. Weâ€™ll be touring with clients over the coming weeks,Â soÂ give us a call andÂ weâ€™ll head over there with you and help you get a monthâ€™s free rent! If you decide toÂ head down there alone, make sure you registerÂ Condo Metropolis as your agent and tell them we sent you and weâ€™ll give you an exclusive cash rebate when you move in!