$351M Debt - Icon Brickell Condos seized

Brickell condos, Miami real estate

The Icon Brickell condos, the Related Group of Florida’s development, were turned over to the banks on May 11 after owing $351.3 million on the project’s loan.

In 2006, HSBC Realty Credit Corporation and other lenders granted a $502 million mortgage on the Brickell condos, Towers 1 and 2.

In June 2009, the loan matured and even with discounting the 1,800 Icon Brickell condos and acquiring buyer financing, the Related Group couldn’t close it out.

Full article...$351M Debt - Icon Brickell Condos seized

South Beach real estate, Miami Commercial real estate

Capmark files for bankruptcy, Miami Commercial Real Estate

Capmark Financial Group, one of the nation's largest lenders of Miami commercial real estate lenders, has filed for bankruptcy protection accompanied by mounting bad debt.

Capmark has provided loans for many south beach real estate projects and developers in South Florida, including Dennis Stackhouse and AWE Talisman.

The firm said that the motions they filed will allow them to continue paying vendors and salaries, and that it should not impact the way Capmark does business with its customers and partners.

Full Article...South Beach real estate, Miami Commercial real estate