From left: Cabi Developers principals Abraham Cababie and Elias Cababie and 301 Arthur Godfrey RoadA fourth real estate venture affiliated with Cabi Developers has filed for bankruptcy, the South Florida Business Journal reported.

The latest bid for Chapter 11 protection was filed by Cabi 301, whose main asset is the office tower at 301 Arthur Godfrey Road in Miami Beach.

Abraham Cababie and Elias Cababie, principals of Cabi Developers, also filed for bankruptcy protection on development sites on the south side of New River in Fort Lauderdale and for the proposed twin condominium project called Capital on Brickell in December 2010. In August 2009, the developers filed for Chapter 11 on their biggest project, the two-tower 49-story Everglades on the Bay condominium in downtown Miami that was eventually surrendered to lender Bank of America. [SFBJ] [more]

The New York City hedge fund that recently purchased more than 660 units in Miami’s Everglades on the Bay condominium has already resold 11 of them. According to a new report from Condo Vultures, the Bal Habour-based brokerage and consultancy, bulk buyer Rockwood Capital resold two units in December, for around $450,000, and resold an additional nine units in the first three months of 2011, for a combined $3.4 million. TRD [more]

The Everglades on the Bay project in downtown Miami has secured a $90 million loan on the complex, after a company purchased the remaining units at the tower out of bankruptcy litigation. The company, RW 244 Biscayne RES, which is an affiliate of Rockwood Capital, a private equity firm, secured the loan Mar. 24 from German American Capital, according to Miami-Dade County records. The two condo towers that comprise Everglades on the Bay total 849 units. [SFBJ]
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Rockwood Capital announced that it was the buyer, along with Duncan Hillsley Capital and Fortune Capital Management Services, of the Everglades on the Bay project in downtown Miami. The 849-unit site went for $141 million in a cash transaction. Rockwood is investing through one of its private equity funds. The condo, which also includes 58,000 square feet of retail space, has been recapitalized as a result of a Chapter 11 reorganization. Just 184 of the 849 units have closed to date. The project has two 49-story towers on Biscayne Boulevard near the American Airlines Arena. TRD 1 Comment

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A U.S. bankruptcy judge has given a consortium of lenders led by Bank of
America approval to shop 700 unsold units at the Everglades on the Bay
condo, along with the debt tied to them, according to court documents.
There is about $200 million in debt on the units at the project, which
was developed by Cabi Downtown. The court has now pushed back the
hearing on Cabi’s Chapter 11 plan to Oct. 27. Cabi gave back the project
to the lending group on May 28, but the agreement allowed the company
to remain as on-site manager for the $300 million project. [SFBJ]

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Hundreds of unsold units in Everglades on the Bay, a Downtown Miami condo project, will be handed back to lenders as part of a bankruptcy deal, the Miami Herald reported. If approved in court, the deal would settle the Chapter 11 bankruptcy case
of project developer Cabi Downtown LLC. Bank of America filed to foreclose on a $209 million
construction loan for Everglades on the Bay Aug. 18, 2009, about
nine months after the construction was mostly completed. That same day,

Cabi filed for bankruptcy. To date, 137 of the
849 units have been sold at Everglades on the Bay, and 712 remain unsold, according to Peter Zalewski, principal of the real estate
consultancy Condo
Vultures.
Everglades on the Bay is the most recent among similar agreements announced
in the past 45 days. Together, the agreements amount to a total of

1,900 new unsold Miami condos in six skyscrapers. Other deals involved Icon Brickell in downtown

Miami and Terrazas Riverpark Village near Miami International Airport. [Miami Herald] 

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Developer Cabi Downtown will return to Miami bankruptcy court today to try to stave off a bid
for foreclosure by Bank of America, the construction lender to which
it owes $205 million. Bank of America is seeking to dismiss Cabi’s
bankruptcy reorganization efforts on the 49-story Everglades on the
Bay condo project in Miami and foreclose on the project, instead. Bank of America contends Cabi rented some
units in violation of its own rules and that it failed to conduct
background or credit checks. At least nine units were rented to
convicted criminals, it alleged. Cabi filed for bankruptcy protection
in August. The Everglades project has 849 units in two towers, and
features 60,000 square feet of retail space. Cabi is owned by Mexico’s
largest developer, GISCA. [Miami Herald]

Enrique Arevalo bought what he was told would be a luxury two-bedroom apartment in one of Miami’s newest condominiums, and jumped at the chance to move into Everglades on the Bay North and South.

Now the Aventura project’s developer, Cabi Downtown, is in Chapter 11. Arevalo and about 70 other disgruntled buyers at the same twin-tower project want their deposits back.
According to a lawsuit filed last week in the bankruptcy case, Arevalo slapped down a deposit of $148,000 to buy the $495,000 condo in 2004.
The suit is one of hundreds being filed in South Florida as condo buyers try to salvage deposits out of the wreckage of the boom and bust condo market. Along the way, their attorneys are creatively using various state and federal consumer protection laws to recoup deposits that will be tested through the court system.
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Mexico’s Cababie family, a real estate dynasty behind the Grupo Gicsa
development company, may find its moves into the United States have
done lasting damage. Their Miami condo project, Everglades on the Bay,
last month entered Chapter 11 bankruptcy and had a foreclosure suit
filed against it. A $300 million loan guarantee for a 2007 purchase of
Southern California commercial real estate may also go in the loss
column. The Gisca company said the downturn in the real estate market
was unprecedented. [more]

Everglades on the Bay, one of Miami’s most notable downtown condominium
projects, filed for bankruptcy protection. A petition from Cabi
Downtown LLC Developers said the tower had $100 million to $500 million
in liabilities. The financially troubled project had its $256
construction loan come due February 18, after an extension from
November 2008. Bank of America was the lender, but court records do not
show how much it is owed. Gryphon Construction of Fort Lauderdale
was listed as having the largest unsecured claim, at $912,272.
Miami-based law firm Siegfried, River, Lerner De La Torre & Sobel
claimed $395,456, and Holly Sime Realty of Miami seeks $193,750. [more]