The Real Deal Miami

Third Marina Blue bulk buy closes

July 27, 2009 01:07PM

Investor Maurizio Cavalieri has closed on 15 units in the Marina Blue condominium on Biscayne Boulevard in a bulk purchase. Cavalieri created 15 separate corporations to purchase the units, according to real estate consultancy Condo Vultures. He paid an average of $207 per square foot and bought 20,293 square feet of space spread over 13 two-bedroom units and two one-bedrooms. The seller was Lendco Florida, which provided a mezzanine loan to the project’s developer. Lendco has now sold 50 of the 54 units it held in the building. Cavalieri’s bulk buy is the third such purchase to take place in the two-tower project.