Photos reproduced with permission and courtesy of the Belleview Biltmore Resort & Spa
BELLEAIR - In a statement made Tuesday, Joseph Penner, of Legg Mason Real Estate Investors (LMREI), Los Angeles, announced that the due diligence process has been completed and LMREI intends to move forward with the purchase of the Belleview Biltmore Resort and Spa.
LMREI announced in March 2007 that it had signed a contract to purchase the 110-year-old resort with intentions of saving it. Legg Mason Real Estate Investors, Inc., supplies debt and equity capital, and is a subsidiary of Legg Mason, Inc.
LMREI manages discretionary debt funds that provide commercial real estate financing to fund entrepreneurial multi-family, office, retail, industrial and other commercial properties.
For the past two months neither LMREI nor the resort's present owners, Urdang Capital Management, would reveal details of the sale.
The transaction is expected to be completed before July 1, 2007.
"We have engaged numerous consultants and historic preservation experts in order to develop a restoration and rehabilitation plan for the property" said Joseph Penner, Managing Director of LMREI. "Our goal is to present a clear and detailed plan to the local government and community as soon as possible. We know the Biltmore has been an integral piece of the community's history and we look forward to working with the City on a plan that preserves it for future generations."