TerraCap fund holds $102m final close
TerraCap Partners II, managed by TerraCap Management Corp., has held a $102 million final close. The vehicle is a distressed situation commercial real estate opportunity fund focused on office, retail, industrial, hospitality and land. The primary target market is the southeastern United States with a focus on Florida.
The firm has started to invest Fund II's capital. In April 2012, TerraCap Partners II purchased the 87-room Bonita Springs Lodge and Suites in Bonita Springs, Fla., for $2.85 million. This is acquisition is one of several purchases in the area for TerraCap Partners II. The fund also acquired a 120-room Hampton Inn & Suites hotel in Fort Myers Beach, Fla.
In March 2013 TerraCap Partners II took ownership of five commercial buildings in the Westlinks Business Park in Fort Myers, Fla., in a deed in lieu of foreclosure. The investment fund purchased the $12.4 million worth of mortgage d