Rockwood Capital announced that it was the buyer, along with Duncan
Hillsley Capital and Fortune Capital Management Services, of the
Everglades on the Bay project in downtown Miami. The 849-unit site went
for $141 million in a cash transaction. Rockwood is investing through one of
its private equity funds. The condo, which also includes 58,000 square feet of
retail space, has been recapitalized as a result of a Chapter 11
reorganization. Just 184 of the 849 units have closed to date. The
project has two 49-story towers on Biscayne Boulevard near the American
Airlines Arena. TRD
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Rockwood acquires Everglades on the Bay
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