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New York

Troubled iStar modifies $245 million W Fort Lauderdale loan

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From the South Florida website: While troubled lender iStar may be about to sell off its debt at Trump Soho, another struggling iStar-backed condominium-hotel is getting a new lease on life. The W Fort Lauderdale opened in 2009 but has not yet sold any units, and now its developers have reached a modification on its $245 million
mortgage that dates back to 2006. The loan mod with iStar, which is in the midst of a bid to stave off a bankruptcy filing, stated
that $232.7 million of the original loan was outstanding. The lender has been behind some of New York City’s most high-profile, high-risk condominium projects, which, in addition to Trump Soho, include One Madison Park, 34 Leonard Street and the William Beaver House. [more]

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IstarWilliam Beaver House