Fort One completes $52 million in Miami Beach transactions

Fort One Real Estate, an investment fund with ties to Washington and
Miami Beach, announced it had completed $52 million in transactions in
Miami Beach. According to the company, it has closed on the purchase of
the 48 remaining unsold condos at the Capri South Beach condo for $31
million. It has also acquired the Pelican parking garage for $11
million, along with two commercial/retail units at The Strand in South
Beach, paying $10 million. The transaction was a short sale, with iStar
Financial the successor to original lender Fremont. iStar also provided
financing on the Capri deal. [Miami Herald]