The Real Deal Miami

Las Olas gets $100 bid

August 28, 2009 02:58PM

A unit of private equity firm Cerberus Capital Management made a $100
bid for the Las Olas Riverfront project, the only bid made when the
project was auctioned yesterday.
Madeleine LLC will retain control of the development project,
which Cerberus was able to claim after Boca Developers defaulted on a
$205 million mezzanine loan in 2008. A spokesman for Momentis Property
Group, another Cerberus affiliate created to operate the assets of Boca
Developers, declined to discuss the fate of the 256,000-square-foot
center, other than saying the firm had sought to keep control of the
property.