The Real Deal Miami

W South Beach developer repays loan in foreclosure suit

October 28, 2013 10:00AM


W South Beach at 2201 Collins Avenue, and David Edelstein

David Edelstein, developer of the W South Beach condo-hotel, settled his recent debts by repaying the remaining $60 million loan balance of a $378 million mortgage at the center of a foreclosure lawsuit.

German lender Hypo Real Estate Capital Corp. filed a suit earlier this month against the developer’s limited-liability company 2201 Collins Fee LLC over 216 units that have gone unsold – and the common areas — at the 20-story hotel located at 2201 Collins Avenue.

“Our negotiation with the lender was resolved in a friendly and amicable manner and all claims have been closed and dismissed,” Edelstein said in a statement. “We thank them for their loan, which was fully performing since it was initiated in 2005. We look forward to continuing to be the South Florida market leader as we prepare to head into the very busy season ahead.”

Robert Quinn, a lawyer who represented Hypo, filed a motion in court on Friday to withdraw the complaint. [South Florida Business Journal]Mark Maurer