A Miami Beach company headed by Jorge Mattos has purchased 21 units in the Marina Blue condominium tower in Downtown Miami for $5.69 million in an all-cash deal involving the project's former mezzanine lender, according to a new report from Condo Vultures® LLC.
A newly formed Florida corporation called 21 Marina Blue LLC with Mattos as the manager purchased 13 two bedroom units, seven one-bedroom units, and a three-bedroom penthouse for a blended price of $196 per square foot on a deal that was recorded on June 23, according to Condo Vultures® research.
Mattos is a business partner of Carlos Mattos who purchased 31 units for $6.1 million in mid-June at the 1060 Brickell condominium tower in Miami's Brickell Avenue financial district, according to a recent Condo Vultures® report.
Carlos Mattos' 1060 Brickell Apartments LLC paid $203 per square foot for four studio units, 22 one-bedroom units, and five two-bedroom units with a combined 29,913 square feet of livable space, according to Condo Vultures®.
"This is the second bulk deal to close in the Greater Downtown Miami area in the last month," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures. "Once again, the buyer is a private equity group with roots and investments in South Florida. "
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Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ or our Video Gallery. Our new books, the Official Condo Buyers Guide to Miami™ , Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ , and First-Time Home Buyers Guide To South Florida™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
Showing posts with label jorge perez. Show all posts
Showing posts with label jorge perez. Show all posts
Tuesday, July 7, 2009
Friday, July 3, 2009
Related Group Negotiates Return Of Unsold Condo Towers
The Related Group, the nation's largest condo tower developer, is attempting in the next two months to finalize plans to return thousands of unsold new units with debt of "roughly $1.5 billion" to the construction lenders, according to Miami news reports.
The admission comes just as the Related Group has agreed to relinquish ownership to its lenders of the remaining 381 unsold units in the 420-unit, 20-story CityPlace South Tower in Downtown West Palm Beach. Related had still owed about $119 million, or about 88 percent, of the original $134.7 million construction loan, according to South Florida news reports.
"We've had very good discussions over the last seven months with all of our lender syndicates," Related Group's chief operating officer Matt Allen told the Miami Daily Business Review. "Each syndicate is different. They have different goals they might want to achieve, and we expect in 60 days to have complete resolution and that resolution can carry many different fronts."
Related developed or converted dozens of highrises with several thousand units throughout Florida, ranging from the Apogee in Miami Beach's South of Fifth neighborhood to the Trump Hollywood in Southeast Broward County, the Oasis in Fort Myers on the Gulf of Mexico to the ICON Brickell complex in Greater Downtown Miami.
In Downtown Miami alone, the Related Group built during the condo boom about 5,550 units, of which the company is still in possession of more than 2,400 units, or about 44 percent, according to the Official Condo Buyers Guide to Miami™ published by Condo Vultures®.
Specifically in Downtown Miami, Related built seven projects with 12 towers and more than 5.8 million gross livable square feet. An eight project proposed for 495 units and 389,000 gross livable square feet was shelved before construction began, according to Condo Vultures®.
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Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ or our Video Gallery. Our new books, the Official Condo Buyers Guide to Miami™ , Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ , and First-Time Home Buyers Guide To South Florida™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
The admission comes just as the Related Group has agreed to relinquish ownership to its lenders of the remaining 381 unsold units in the 420-unit, 20-story CityPlace South Tower in Downtown West Palm Beach. Related had still owed about $119 million, or about 88 percent, of the original $134.7 million construction loan, according to South Florida news reports.
"We've had very good discussions over the last seven months with all of our lender syndicates," Related Group's chief operating officer Matt Allen told the Miami Daily Business Review. "Each syndicate is different. They have different goals they might want to achieve, and we expect in 60 days to have complete resolution and that resolution can carry many different fronts."
Related developed or converted dozens of highrises with several thousand units throughout Florida, ranging from the Apogee in Miami Beach's South of Fifth neighborhood to the Trump Hollywood in Southeast Broward County, the Oasis in Fort Myers on the Gulf of Mexico to the ICON Brickell complex in Greater Downtown Miami.
In Downtown Miami alone, the Related Group built during the condo boom about 5,550 units, of which the company is still in possession of more than 2,400 units, or about 44 percent, according to the Official Condo Buyers Guide to Miami™ published by Condo Vultures®.
Specifically in Downtown Miami, Related built seven projects with 12 towers and more than 5.8 million gross livable square feet. An eight project proposed for 495 units and 389,000 gross livable square feet was shelved before construction began, according to Condo Vultures®.
Read More
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ or our Video Gallery. Our new books, the Official Condo Buyers Guide to Miami™ , Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ , and First-Time Home Buyers Guide To South Florida™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
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