It’s no secret that Puerto Rico’s real estate sector has taken a beating in recent years due to the economic woes the island has been facing for the better part of the past decade. Property sales have stagnated and values have dropped in certain categories, affecting banks and brokers alike.
Banco Popular de Puerto Rico announced Monday it completed the previously announced sale of a portfolio of non-performing commercial and construction loans, and commercial and single-family real estate owned, with a combined unpaid principal balance on loans and appraised value of other real estate owned of approximately $995 million and book value of approximately $540 million to an entity majority owned by a joint venture between Caribbean Property Group LLC and certain affiliates of Perella Weinberg Partners’ Asset Based Value Strategy.
Luxury real estate listings broker Sotheby’s International Realty Affiliates LLC is entering the Puerto Rico market looking to draw affluent buyers looking for properties in a setting that combines “weather, infrastructure, political and economical stability.”
A limited number of ultra upscale apartments in two of the three towers of the Paseo Caribe residential and commercial complex overlooking the sparkling blue waters of the Atlantic in San Juan will go up for sale starting this week, through private, by-invitation-only tours, representatives of the developer San Gerónimo Caribe Project Inc., announced Tuesday.
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