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The Real Deal Miami

Swerdlow mulls Biscayne Landing buy

February 24, 2011 10:33AM

The original mastermind of the troubled Biscayne Landing project is
looking to buy it back. The special servicer on the site’s $190 million
loan is in default on a $1 million payment owed to the city, and is also
late on rent and does not plan to pay back taxes, according to North
Miami city manager Russell Benford. In a Feb. 22 letter to the city,
Michael Swerdlow, the developer of the project, laid out his proposal
to buy it back. He had been bought out by Boca Developers, which only
built a small percentage of the residential units envisioned for the
site. Biscayne Landing is currently
the largest delinquent loan
in South Florida. [SFBJ]