Foreign Buyers Still Finding Bulk Condo Deals in Miami
(MIAMI, FL) -- The wave of large bulk condo acquisitions seems to be in its final stages however there are still a number of smaller deals getting done.
Most recently, a foreign investment group from Holland acquired the non-performing construction loan secured with the remaining unsold condos within the Star Loft on the Bay Condominium project located directly on the Biscayne Bay in the Edgewater/ Midtown district of Miami.
DC Miami Star Lofts, an affiliate of Orlando- and Netherlands-based Dutch Capital Partners, filed a foreclosure lawsuit May 2, 2011 against Star Lofts Associates, along with Lauris Boulanger and Diane Boulanger.
Star Lofts Associates took out a $20.4 million mortgage in 2005 and completed the 48-unit condo, at 700 N.E. 25th St., in 2007.
DC Miami Star Lofts purchased the mortgage from the original lender, which was part of Bank of New York Mellon Corp.
This transaction demonstrates continue interest from foreign investors to acquire Miami condos in bulk.