The Real Deal Miami

American Realty Capital picks up Doral commercial condos at massive discount

September 23, 2011 03:40PM

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Point at Doral

American Realty Capital picked up a portfolio of 31 commercial condominium units in Doral at a steep discount. According to the South Florida Business Journal, ARC Doral LLC, an affiliate of the trust, bought the Point at Doral units, at 2555 NW 102nd Avenue, for $3.86 million from Miami Lakes-based BankUnited. The bank had seized them from Waterhouse Associates after foreclosing on a $8.8 million mortgage. The bank didn’t suffer the full brunt of the loss, however, as it had entered a loss-sharing agreement with the Federal Deposit Insurance Corporation. [SFBJ]