W South Beach developer repays loan in foreclosure suit

Miami /
Oct.October 28, 2013 10:00 AM

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


Related Articles

arrow_forward_ios
Developer David Edelstein and Robert Levine of RAL Development with the project (Getty, RAL)
David Edelstein, partner close on missing piece of Wynwood assemblage for office towers
David Edelstein, partner close on missing piece of Wynwood assemblage for office towers
(iStock/Illustration by Kevin Rebong for The Real Deal)
Miami Beach agent wins $1M judgment in lawsuit over owed commissions and stolen funds
Miami Beach agent wins $1M judgment in lawsuit over owed commissions and stolen funds
 Zaha Hadid with her former Miami Beach home (Getty, Douglas Elliman)
Zaha Hadid’s former South Beach condo hits the market for $8M
Zaha Hadid’s former South Beach condo hits the market for $8M
Keith McNally with Stephen Starr and David Edelstein (Getty, Patrick McMullan/Getty)
Pastis to open Miami restaurant in Wynwood
Pastis to open Miami restaurant in Wynwood
David Edelstein, George Gleason and 918-920 Lincoln Road (Google Maps)
Bank OZK seeks to foreclose on David Edelstein’s Lincoln Road buildings
Bank OZK seeks to foreclose on David Edelstein’s Lincoln Road buildings
David Edelstein and a rendering of the Wynwood site
David Edelstein sells Wynwood site to AMLI for $35M
David Edelstein sells Wynwood site to AMLI for $35M
Ayman Sabi and W South Beach (Credit: Linkedin, Marriott)
Former Roadhouse Grill CEO serves up W South Beach condo for $7M
Former Roadhouse Grill CEO serves up W South Beach condo for $7M
The Wynwood property and David Edelstein
W South Beach owner gobbles up more land for Wynwood resi project
W South Beach owner gobbles up more land for Wynwood resi project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...