FORT LAUDERDALE, FL (August 13, 2014) — BBX Capital, formerly BankAtlantic Bancorp, announced the sale of a loan portfolio to Bayview Acquisitions, LLC.
The portfolio sold to Bayview Acquisitions represented 171 loans comprised of first lien consumer and residential mortgage loans, and REO properties, which were being serviced by Bayview Loan Servicing, LLC, prior to the transaction. Bayview Acquisitions, LLC acquired the portfolio for approximately $9.8 million. The book value of the portfolio was approximately $9.5 million.
“The loans within this portfolio are a portion of the assets originally transferred to BBX Capital in connection with the consummation of the sale of BankAtlantic to BB&T Corporation in July 2012. The specific portfolio of loans sold to Bayview Acquisitions (in the above described transaction) is considered part of our ‘Legacy Assets,’ which are held under FAR (Florida Asset Resolution Group), a subsidiary formed in connection with the BB&T Transaction. Under the terms of the BB&T Transaction, 95% of the net cash flows of FAR are held by BB&T Corporation until such time as it has recovered $285 million in preference amount. As previously announced in BBX Capital’s second quarter of 2014 financial results press release, the proceeds of the sale of this portfolio were distributed and as a result reduced BB&T Corporation’s preferred amount as of July 31, 2014 to $16.4 million,” commented BBX Capital’s Chairman and CEO Mr. Alan B. Levan.
About BBX Capital Corporation:
BBX Capital, a New York Stock Exchange listed company, is involved in the acquisition, ownership and management of, and joint ventures and investments in real estate and real estate development projects as well as investments and management of middle market operating businesses. In addition, BBX Capital and its holding company, BFC Financial Corporation, have a 46% and 54% indirect ownership interest in Bluegreen Corporation. Bluegreen manages, markets and sells the Bluegreen Vacation Club, a flexible, points-based, deeded vacation ownership plan with more than 180,000 owners, over 60 owned or managed resorts, and access to more than 4,000 resorts worldwide.
As of June 30, 2014, BBX Capital had total consolidated assets of $399.3 million, shareholders’ equity attributable to BBX Capital of approximately $312.7 million, and total consolidated equity of approximately $314.1 million. BBX Capital’s book value per share at June 30, 2014 was $19.54.
For further information, please visit our family of companies:
BBX Capital: www.BBXCapital.com
Bluegreen Corp.: www.BluegreenVacations.com
Renin Corp.: www.ReninCorp.com
BBX Sweet Holdings: Hoffman’s Chocolates: www.Hoffmans.com , Williams & Bennett: www.WilliamsandBennett.com , Jer’s Chocolates: www.Jers.com and Helen Grace Chocolates: www.HelenGrace.com
BFC Financial Corporation: www.BFCFinancial.com
About BFC Financial Corporation:
BFC (otcqb:BFCF) is a holding company whose principal holdings include a 52% ownership interest in BBX Capital Corporation and a 54% indirect ownership interest in Bluegreen Corporation. As of June 30, 2014, BFC had total consolidated assets of approximately $1.4 billion, shareholders’ equity attributable to BFC of approximately $252.5 million, and total consolidated equity of approximately $445.6 million. For more information, visit www.BFCFinancial.com .
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About Bayview: Based in Coral Gables, Florida, Bayview Acquisitions, LLC is an affiliate of Bayview Asset Management, LLC (“BAM”). BAM is a SEC Registered Investment Advisor and its affiliated entities have more than 19 years of experience in purchasing, servicing, and managing credit-sensitive residential and commercial mortgage loans. For more information, visit www.Bayview.com .
PRESS RELEASE SOURCE: BBX Capital Corporation