The Real Deal Miami

Lenders snap up unsold condos at Everglades on the Bay

June 02, 2010 03:00PM

Everglades on the Bay

Hundreds of unsold units in Everglades on the Bay, a Downtown Miami condo project, will be handed back to lenders as part of a bankruptcy deal, the Miami Herald reported. If approved in court, the deal would settle the Chapter 11 bankruptcy case
of project developer Cabi Downtown LLC. Bank of America filed to foreclose on a $209 million
construction loan for Everglades on the Bay Aug. 18, 2009, about
nine months after the construction was mostly completed. That same day,

Cabi filed for bankruptcy. To date, 137 of the
849 units have been sold at Everglades on the Bay, and 712 remain unsold, according to Peter Zalewski, principal of the real estate
consultancy Condo
Vultures.
Everglades on the Bay is the most recent among similar agreements announced
in the past 45 days. Together, the agreements amount to a total of

1,900 new unsold Miami condos in six skyscrapers. Other deals involved Icon Brickell in downtown

Miami and Terrazas Riverpark Village near Miami International Airport. [Miami Herald]