from staff
Condo Capital Solutions, based in Louisville, Colo., announced Tuesday it bought Old San Jose on the River, a residential riverfront community near San Marco.
Condo Capital Solutions has engaged Jacksonville-based Jay McGarvey of McGarvey Residential Communities, the community’s original developer, to serve as the development manager.
“Old San Jose on the River is an outstanding community investment and the project’s current position in the market gives us an ideal opportunity to do what we do best – add a potent combination of vision, capital and an experienced team of professionals and partners who have profitably sponsored repositioning projects for more than 10 years,” said Peter A. Wells, managing partner of Condo Capital Solutions.
Old San Jose on the River has three completed buildings, including a five-story, 18-unit condominium building on the St. Johns River, a four-unit condominium residence and three townhouse residences.
Condo Capital Solutions and McGarvey Residential Communities have repositioned the community and plan a sales launch, construction of amenities and release of new product and pricing information in the first quarter of 2011.
“Condo Capital Solutions is a financially strong, well-funded, experienced sponsor that has infused this project with cash, knowledge and the foresight to turn its financial standing around and develop a successful community,” said McGarvey.
“The company’s acquisition of Old San Jose on the River means it will be debt free throughout its development,” he said.
Condo Capital Solutions provides workouts for condo projects as well as condo loans.