The Real Deal Miami

Gluck still has no luck

January 19, 2010 04:41PM

Infamous property manager Larry Gluck is in hot water again. His
company, Stellar Management, which owns the Portofino at Biscayne development at 14000 Biscayne Boulevard in North Miami,
faces imminent default a loan on a Silver Spring, Md. residential
development. The 890-unit Georgian Towers had just undergone a $35
million renovation when its $58 million loan went to a special
servicer. This spells bad news for Gluck, who recently refinanced
Riverton Houses with $225 million of mortgage debt, only to see the
complex later appraised at $52 million, putting it deep underwater.