Terra pays $16.5M in Doral

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A Terra Group affiliate has paid $16.5 million for a distressed
35.5-acre site in Doral, a 56 percent discount off of its original
mortgage. The property was purchased by Terra Acon Doral Palms, the
second major purchase for the company this month. The site, which is
located on NW 102nd Avenue south of Northwest 74th Street, was purchased
by Doral Palms Development in 2008 for $31.8 million. Doral Palms is
managed by Patricio Cervantes. [SFBJ]

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