The Real Deal Miami

Everglades on the Bay owner may sell loan

October 11, 2010 12:45PM

Everglades on the Bay

A U.S. bankruptcy judge has given a consortium of lenders led by Bank of
America approval to shop 700 unsold units at the Everglades on the Bay
condo, along with the debt tied to them, according to court documents.
There is about $200 million in debt on the units at the project, which
was developed by Cabi Downtown. The court has now pushed back the
hearing on Cabi’s Chapter 11 plan to Oct. 27. Cabi gave back the project
to the lending group on May 28, but the agreement allowed the company
to remain as on-site manager for the $300 million project. [SFBJ]