The Real Deal Miami

Hedge fund to take Las Olas Riverfront

August 05, 2008 02:20PM

A lender to the massive Las Olas Riverfront complex, which entered into foreclosure earlier this year, has exercised its right to purchase the property. The company, an affiliate of New York-based hedge fund Cerberus Capital Management, purchased the mortgage from lender ACF Riverfront for $21.8 million. Cerberus has already been in talks with developers about future plans for the 260,000-square-foot retail and entertainment complex. Boca Developers purchased the site in 2005 for $31.9 million, with plans to demolish its existing buildings to make way for condos, offices, shops and entertainment attractions.