IStar sells stalled Miami condo for $44M
October 18, 2010 02:30PM
Terrazas River Park
A 324-unit Miami condo project that struggling lender iStar Financial took back from its developer earlier this year in a deed-in-lieu of foreclosure has been sold off-market for more than $44 million to Wood Partners and Area Property Partners. The deed-in-lieu was valued at around $45 million for Terrazas River Park, which sits on a 2.15-acre-site near E.G. Sewell Park on the Miami River. Developer Windmoor Project hadn't sold a single unit when iStar, now said to be considering a bankruptcy filing after many of its real estate loans went sour in the wake of the real estate crash, took over. Istar, which has 11.7 percent of its loans concentrated in New York, is currently financing the Trump Soho condo-hotel development. The firm also holds the $310 million delinquent mortgage on the One Madison park condominium.[SFBJ]
ARadio Note: The City of Asbury Park should pull back its redevelopment rights, since the MD Sass led Fishman operated version of Asbury Partners defaulted on its debt to iStar and iStar hasn't moved to develop any properties in nearly a year. Then the City can resell those rights. Same for the aborted Esperanza, Metro Homes owned construction site. Where's a good lawyer when you need one?
Actually, City Manager Terry Reidy has promised to send Asbury Radio a copy of a letter the city wrote to Metro expressing just those intentions. We'll publish that letter here as soon as we receive it from Mr. Reidy. This is definitely the way to go.