The Real Deal Miami

Everglades on the Bay title transferred in bankruptcy deal by Cabi Downtown

May 28, 2010 03:00PM

Developer Cabi will remain the on-site manager of the project

Cabi Downtown, which is the on-site manager for the Everglades on the
Bay project in downtown Miami, has reached an agreement in principle in
its dispute with Bank of America. According to the terms of the deal,
Cabi Downtown will transfer title to Everglades on the Bay to the bank,
while remaining the on-site manager. The company filed for Chapter 11
in Aug. 2009, and has since been negotiating with various lenders. Cabi
has been represented by Mindy Mora of Bilzin Sumberg Baena Price &
Axelrod and Marc Kasowitz and Andrew Glenn of Kasowitz Benson Torres
& Friedman. TRD