The Continental Oceanfront Hotel in South Beach is out of foreclosure,
following the decision by its owner to purchase its distressed loan and
refinance it with Carbon Capital III Co-Investments. Under the terms of
the refinancing, the $41.3 million mortgage is divided into three notes,
one for $30 million, one for $5 million and a third for $6.3 million.
Carbon Capital’s $457 million fund is managed by BlackRock, which is
based in New York. [SFBJ]
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SoBe’s Oceanfront Hotel out of foreclosure
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