The Real Deal Miami

Tamarac site in deed-in-lieu

June 17, 2011 11:14AM

Developer Bruce Chait’s Sabal Palm property has been returned to SPL
Holdings in a $6.5 million deed in lieu of foreclosure. The price
included the $3.85 million mortgage balance, along with $2.6 million in
“additional consideration,” according to the deed. SPL is a partnership
between Real Capital Solutions and Miami-based 13th Floor Investments,
the latter of which was a partner in the purchase last week of the NoBe
Bay condominium
in Miami Beach. SPL had previously purchased the loan on
the property from Branch Banking & Trust, and then filed a
foreclosure action against Chait and his company, Prestige Homes. [SFBJ]