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Another One? 2201 Collins Fee, LLC a/k/a W South Beach in Foreclosure

Posted by Jillian Postal | Jan 21, 2014 | 0 Comments

The South Florida Business Journal is reporting that 2201 Collins Fee, LLC a/ka/ The W South Beach, is in foreclosure.

You can read the entire article here.

Hypo Real Estate Capital Corp., an affiliate of a German lender, filed a foreclosure lawsuit Oct. 11 against 2201 Collins Fee LLC, which is managed by New York-based TriStar Capital and RFR Realty. It targets the 216 unsold condo-hotel units and the common areas in the 408-unit, 20-story hotel at 2201 Collins Ave.

According to the article, the Hypo Real Estate loan to 2201 Collins Fee was modified at $378.4 million in June 2010 after getting an $8.4 million increase. The loan is divided into three tranches.

According to research by Miami-based Condo Vultures LLC, which is cited to in the article, the developer of the W South Beach sold 207 units for $310.2 million, or $1,832 a square foot. It also states that the most recent sale was in January 2013.

About the Author

Jillian Postal

Jillian Postal is an associate attorney at the Law Offices of Aaron Resnick, P.A. Jillian focuses her practice on commercial litigation matters, including breach of contract and business torts, alternative dispute resolution, and intellectual property. 


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