The Real Deal Miami

IStar unloads Devonaire condos for 89% off

June 02, 2011 03:57PM

Dizengoff Group, the Boca Raton-based developer, has purchased 68 units in Pembroke Pines’ Devonaire condominium conversion at 89 percent off the value of the foreclosed mortgage, according to the South Florida Business Journal. The original developer, Windsor at Pembroke Cay, lost a $41.2 million foreclosure judgment to an affiliate of iStar Financial over the 300-unit building. The conversion there was completed in 2005, but the remaining 68 units never sold. Dizengoff affiliate AM Devonaire picked them up in bulk from iStar for $4.4 million, and while this isn’t the first recent bulk buy for the company, it likely represents the largest discount. [SFBJ]