Loan sells on River Oaks condo

The troubled loan covering the River Oaks Condominium project in Miami
has been purchased by AREA Property Partners for $52.3 million from
iStar Financial. The buyer was AP SC River Oaks, which is part of Apollo
Value Enhancement Fund VII in Purchase, New York, which belongs to
AREA. The borrower, 1951 NW South River Drive, was named in the
foreclosure suit by iStar last year. The 199-unit condo on the south
bank of the Miami River is largely completed, but no units have been
sold. [SFBJ]