New York group downtown site purchase

Sep 29, 2011

Story by: Alison Lee Satake, posted on WilmingtonBiz.com

The group of real estate investors based in Long Island, N.Y., that bought the vacant downtown lot formerly known as the The View on Water Street property is seeking to build a luxury hotel on the site, one of the principals said today.

Matthew Mattera, principal and founder of InSource Financial Services, a company specializing in the acquisition of sub-performing and real estate owned properties, is one of the partners who bought 101 N. Front St. on Tuesday.

“We’d love to put a luxury hotel on that site,” Mattera said. “We feel very positive about Wilmington. We think it has a lot of potential.”

The group purchased the lot for $1.5 million from BB&T bank, he said.

He learned about the downtown property from Brian Eckel, founding partner of Cape Fear Commercial, when Mattera visited Wilmington in May. Cape Fear Commercial organized a call for offers on the property in July and received seven offers, Eckel said. This group’s offer provided the best terms and conditions, he said.

Meanwhile, Mattera said developing the site is a priority. “We just acquired the property and are aggressively pursuing people in the city,” he said.
His company develops a variety of properties including residential and commercial buildings. Some of the partners on this project have been involved in development in the southeast previously.

“We’re looking at other projects in the area right now,” Mattera said. He declined to comment on which projects.

View the original story at The Greater Wilmington Business Journal.