The Real Deal Miami

Lender sells North Miami apartment buildings at 74 percent discount

May 10, 2011 03:04PM

Four North Miami apartment buildings have been plucked out of foreclosure for 74 percent off of the value of their distressed mortgages, according to the South Florida Business Journal. The buildings, which range in size from 56 to 88 units, had been part of a six-property portfolio belonging to an affiliate of BankUnited, which took control of them from the Chelminsky family last year after they defaulted on a $13.7 million loan. The buyer, TCRG North Miami Apartments, paid $3.6 million for the four buildings and their combined, 274 units. As for the other two buildings in the portfolio, one went to Aventin Realty for $1.7 million and the other is still in the hands of the lender. [SFBJ]