UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 8.01 Other Events.
BBX Capital Real Estate LLC (“BBXRE”), a wholly-owned subsidiary of BBX Capital, Inc. (the “Company”), previously held an investment in a joint venture (the “Bayview joint venture”) which owns approximately three acres of real estate in Fort Lauderdale, Florida. The property was subject to a mortgage loan which had an outstanding balance of $5.0 million, and in connection with BBXRE’s investment in the joint venture, the Company also guaranteed 50% of the outstanding balance of the mortgage loan. As previously disclosed, in February 2022, BBXRE agreed to sell its equity interest in the joint venture to its joint venture partner.
On June 30, 2022, BBXRE sold its equity interest in the joint venture pursuant to the terms of the agreement with its joint venture partner. As a result of the sale, BBXRE received net cash proceeds of approximately $8.8 million and expects to recognize a net gain from the sale of its investment in the venture of approximately $7.5 million during the quarter ended June 30, 2022. In connection with the sale, the Company and BBXRE obtained a release from the lender under the mortgage loan for any and all liability to the lender under the loan documents, including any obligation related to the Company’s guaranty on the outstanding loan balance.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: July 7, 2022
BBX Capital, Inc.
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By: /s/ Brett Sheppard |
Brett Sheppard |
Chief Financial Officer
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