The Real Deal Miami

IStar sells stalled Miami condo for $44M

October 18, 2010 12:45PM

Terrazas River Park

A 324-unit Miami condo project that struggling lender iStar Financial took back from its developer earlier this year in a deed-in-lieu of foreclosure has been sold off-market for more than $44 million to Wood Partners and Area Property Partners. The deed-in-lieu was valued at around $45 million for Terrazas River Park, which sits on a 2.15-acre site near E.G. Sewell Park on the Miami River. Developer Windmoor Project hadn’t sold a single unit since iStar, now said to be considering a bankruptcy filing after many of its real estate loans went sour in the wake of the real estate crash, took over. [SFBJ]