Taylor-Brown Real Estate Talks

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BANK-OWNED HIGH-END WATERFRONT HOTEL, RETAIL AND CONDO PROJECT, MIAMI, FL
Includes a boutique hotel with 330+/- deluxe rooms & suites, approx. 92,000+/- s.f. of retail space, 250+/- oceanfront condo units and approx. 43K+/- s.f. of additional land
Cost to redevelop was purportedly $500M
The hotel and retail space are purportedly “doing fine,” but the developer ran into problems selling the condos…hence this “distressed” offering!
Price Expectations: $270M - $280M Range with Buyer to assume approx. $200M loan and pay $70M - $80M in cash (equity)
Buyer to cover a 2% fee
Bank is very motivated and eager to close as quickly as possible!
Story: Bank (Seller) recently agreed to accept a deed-in-lieu from the developer…though he is purportedly still involved in some managerial capacity (though unclear)?

Contact Serena at 773 721 3371 for more information or email me at Serena@taylorbrownrealestatetalks.com

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