Skip Ribbon Commands
Skip to main content

News release

Chicago

Jones Lang LaSalle Selected to Sell Former Levitt & Sons Properties and Development Rights

Bankruptcy sale includes five subdivisions in Georgia, Florida and South Carolina


CHICAGO, May 18, 2009 — Jones Lang LaSalle, the leading financial and services firm specializing in real estate, has been selected though its Value Recovery Services to sell a portfolio of five former Levitt & Sons residential subdivisions in varying stages of completion located throughout the Southeast. Levitt & Sons filed a voluntary petition for relief under Chapter 11 of Title 11 of the United States Bankruptcy Code in November 2007. The five projects being offered by Jones Lang LaSalle were included in the aforementioned bankruptcy filing and are among the Levitt projects financed by Wachovia Bank N.A.
 
The disposition of these single-family, age-restricted and traditional single family properties is being overseen by Soneet R. Kapila, the Chief Administrator approved by the Southern District Bankruptcy Court, Fort Lauderdale Division. Since his appointment as Chief Administrator in February 2008, Kapila has continued to market and deliver homes at these developments with the financial support of Wachovia Bank, N.A.  Wachovia has provided a line of credit which has allowed for the continued funding of these projects.
 
Soneet R. Kapila retained Jones Lang LaSalle to market the assets and remaining development rights, including partially completed homes, developed lots and undeveloped lots, in the communities of Cascades at Sarasota in Sarasota, Florida; Cascades at World Golf Village in St. Augustine, Florida; Seasons at Prince Creek in Myrtle Beach, South Carolina; Seasons at Lake Lanier in Gainesville, Georgia; and Seasons and Waterstone at Seven Hills in Paulding County, Georgia.  These properties comprise more than 1,800 acres and, upon completion, will deliver more than 3,300 homes primarily oriented to the 55+ age group.  
 
“These Levitt properties present the opportunity for investors and developers to continue the development of these communities in excellent locations,” said John Vick, Managing Director at Jones Lang LaSalle. “We are marketing the sites to a wide range of local, regional and national developers and investors, and we expect to see a high level of interest in these opportunities.  The demographics are compelling as retiring baby boomers continue to migrate to warm weather destinations.  Once the economy recovers, these projects will be among the first to benefit.” 
 
The projects themselves contain elaborate clubhouses and other amenities supporting the active adult lifestyle.  “Wachovia has provided a line of credit for these projects which enabled Kapila to maintain sales momentum and preserve investor appeal,” said Scott Cullen, Vice President, Jones Lang LaSalle.
 
Through its Value Recovery Services program, Jones Lang LaSalle is focusing its extensive expertise in all facets of commercial real estate to provide specialized services to clients that are  affected by the current financial crisis.  These services are focused on advising financial institutions with troubled loans and foreclosed real estate (REO) on their balance sheets, including note sales and disposition of REO.  They also include providing receivership services, asset and property management, leasing and disposition services for clients with assets experiencing financial difficulties or foreclosure.  Additionally, the firm is helping financial institutions address the operational, occupancy and cost reduction needs.  The firm also is helping clients raise capital by monetizing owned facilities through sale-leaseback transactions and providing creative asset management and financial solutions to hotel owners and investors struggling in current markets, and assisting owners and lenders in developing asset value creation and recapitalization strategies for underperforming investment properties.  Jones Lang LaSalle is currently active on 17 Receivership assets, including 14 malls, one office and two multifamily properties.
 
Jones Lang LaSalle Capital Markets is composed of a broad range of real estate investment debt and equity specialists, and corporate finance experts, working on all property types and in all the major national markets on behalf of major institutional and local investors and developers, as well as corporations.  The firm's Capital Markets professionals are highly skilled at pinpointing and tailoring the right capital solutions for each of these client's needs.   The Investment Sales teams assist investors in developing and executing asset recapitalization strategies for office, industrial, retail, multifamily, healthcare and seniors housing product. The firm’s Real Estate Investment Banking experts raise debt and joint venture equity for investors and developers, and provide derivatives structuring and loan sale advisory services.  The Corporate Capital Markets professionals help corporations develop and execute strategies that bridge their occupancy, capital deployment and financial reporting objectives for their facility portfolios.  The Development and Asset Strategy team specializes in the sale of non-income-producing properties in their various forms from vacant buildings to raw land to entitled parcels and partially completed subdivisions.  The firm's Value Recovery Services assist clients affected by the current financial crisis by creating value while managing risks through evaluating operational and occupancy needs, assisting with challenged assets and liabilities on their balance sheets, providing receivership services, asset management, raising capital through sales-leasebacks and providing leasing and recapitalization strategies for distressed assets. In the past two years, the firm’s Capital Markets team handled $117 billion of transaction volume.
 
About Jones Lang LaSalle
 
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2008 global revenue of $2.7 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.3 billion square feet worldwide.  For further information, please visit our Web site, www.joneslanglasalle.com.
 
200 East Randolph Drive Chicago Illinois 60601 │ 22 Hanover Square London W1A 2BN │ 9 Raffles Place #39–00 Republic Plaza Singapore 048619