SilverLeaf Financial acquired two nonperforming loans with an unpaid principal balance of $47 million tied to 153 furnished condo units and 15 acres of commercial land on the south shore of Tampa Bay, Fla. The notes originated in 2004 and 2005 to acquire the land and fund construction. The hotel condominium was completed in 2007. The development was originally designed to be sold as a turnkey, fully furnished hotel condominium with individual owners participating in the resort's vacation rental program. But the economic downturn hit and only five units were sold. The property is currently being operated as a hotel. The loan's collateral is part of a larger mixed-use masterplanned development known as Little Harbor Resort, a 286-acre development zoned for single-family, multifamily and hotel units and including 533 boat slips. The first phase included the condominium whose note SilverLeaf purchased as well as 108 townhomes, two restaurants, tennis courts and a marina. "We have been active buyers in the Florida market and are actively looking to acquire more loans there," said SilverLeaf CEO Shane Baldwin. Salt Lake City-based SilverLeaf has fueled its growth through purchasing distressed whole loans secured by cash-flowing commercial real estate. Since its inception in 2008, SilverLeaf has acquired $600 million in performing and nonperforming loans, the company said. The firm acquires loans secured by first position trust deeds via the Federal Deposit Insurance Corp., regional banks, special servicers and other financial institutions. Write to Kerry Curry. Follow her on Twitter @communicatorKLC.