The Real Deal Miami

Angelo Gordon, Mast Capital pay $76M for North Bay Village units

Owens Financial bought the properties out of foreclosure in 2010

September 20, 2016 10:00AM
By Katherine Kallergis

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Treasures on the Bay. (Inset: Michael Gordon)

Treasures on the Bay. (Inset: Michael Gordon)

Updated, 5:45 p.m., Sept. 21: Angelo, Gordon & Co. paid nearly $75.5 million for 329 apartments and condos at the Treasures on the Bay buildings in North Bay Village. 

Records show TOTB North, an affiliate of Owens Financial Group, sold the units to the New York-based investment adviser. Mast Capital is also a development partner and sponsor on the deal, a spokesperson told The Real Deal. 

The deal breaks down to $35.8 million for the 154 units at Treasures on the Bay III, $29.49 million for the 160-unit apartment building called Treasures on the Bay, and $10.205 million for 15 units at Treasures on the Bay II. 

Owens Financial, led by chairman and president William C. Owens, bought the properties out of foreclosure in 2010.

Treasures on the Bay, at 7525 East Treasure Drive, was built in 1962. The second complex, at 7501 East Treasures Drive, was built in 1962, and the third was completed in 1966 at 1900 South Treasure Drive.

While a number of new condo towers have been proposed for North Bay Village, little has come to fruition. The island community of about 7,400 residents is located in Biscayne Bay between the mainland and Miami Beach.

Angelo Gordon, a private investment firm, is led by CEO Michael Gordon.

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