Rockwood acquires Everglades on the Bay

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