SoBe’s Oceanfront Hotel out of foreclosure

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]