Codina Partners Part 6 - The Codinas Come Home To The Miami Market

October 11, 2018

EisnerAmper Real Estate Services Group Chair Ken Weissenberg asks Codina Partners Executive Chairman Armando Codina and CEO Ana-Marie Codina Barlick about getting back into the Miami marketplace.


Transcript

Ken Weissenberg:What made you go back into the market in Florida and the Miami area in 2009 when the real estate market was in complete disarray and particularly Miami was suffering?

Armando Codina:So in retrospect I was very fortunate. That’s number one. When I merged and subsequently sold, while I didn't understand fully the debacle that was going to follow, but I did not understand the dynamics of what was happening in the market. What people were paying, who the banks were lending to.

Because I didn't understand, and I had been through a previous downturn, I thought it was a good time to get out. In fact, the last downturn I had a lot of development going on. I never defaulted, but we were under. I mean it was tough. I promised myself that the next time I would be on the outside looking in. I didn't understand what was happening. I thought it was a good time. Everybody was buying to sell. And2009 was not the wrong time to buy, but the right time to buy because the market was highly distressed. We bought a lot of CDD bonds that are senior to first mortgages. If you remember Lehman failing, and what was happening around the world, people were even worried about where to their money. Into what institution. I came to the conclusion that if the world was going to end it didn't matter but if it wasn't going to end I wanted to be in an asset that I understood We bought a lot of CDD bonds that were senior to first [mortgages] as I mentioned, and then we bought packages to first mortgages and we rifled shots on properties in Miami that we wanted and we're glad we did.

About Kenneth Weissenberg

Kenneth Weissenberg CPA, Tax Partner in Real Estate Services, is experienced in tax saving strategies and negotiating sales and acquisitions. He represents owners of some of the most well-known real estate properties in New York City.

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