The Real Deal Miami

IStar forecloses on former Midtown Miami sales center

December 19, 2008 12:35PM

New York-based Midtown Equities, the developer behind the 5
million-square-foot, 5.5-acre Midtown Miami project, faces a
foreclosure suit
from iStar FM Loans. Jack Cayre, principal of Midtown Equities, said
his company is current on interest payments on the loans, but they were
due in full a few months ago. He claimed the situation with iStar has
nothing to do with the Midtown Miami project, which he said is thriving
under a different lender. He hopes he can sell the 5.5 acres targeted by
the foreclosure, the project’s former sales office, or refinance the loans.