Miami commercial real estate, Miami Beach real estate

Credit Suisse takes over Gansevoort in Miami Beach

On Thursday, the owners of Gansevoort South lost their Miami Beach hotel to lenders as the distressed condo-hotel conversion couldn't find a buyer for an $89 million loan on their Miami commercial real estate property.

An affiliate of Credit Suisse took possession of the 334-room Miami commercial real estate property after no bidders stepped up at a New York auction to buy the debt.

Full Article...Miami commercial real estate, Miami Beach real estate

Miami Oceanfront hotel, Miami Beach real estate

South Beach's Gansevoort hotel to be auctioned in foreclosure sale

Less than two years after the Miami Beach hotel opened, Lenders plan to sell ownership of the Gansevoort South in an auction next month.

On Wednesday, Credit Suisse announced an auction for the ownership stake used to secure an $89 million mezzanine loan on the 334-room Miami oceanfront hotel. Developers William and Michael Achenbaum secured the financing for the project at the height of the Miami Beach real estate boom, only to see their plans for the former Roney Palace roiled by the collapse of the condo market.

Full article...Miami Oceanfront hotel, Miami Beach real estate