Bankruptcy judge approves unusual Aventura office sale

Miami /
Aug.August 21, 2014 12:00 PM

A bankruptcy judge approved the sale of an Aventura office tower that was acquired for $75 million in 2006.

Judge Raymond Ray authorized the transfer of the 11-story, 214,000 square foot Harbour Center building at 18851 Northeast 29th Avenue. A partner who only had a six percent stake in the property was able to tap into a rarely used clause to avert foreclosure and sell the entire building – not just its share. Under the approved deal, a new buyer will pay off noteholder Wells Fargo and other creditors, restructure $45 million in debt and give the 30 stakeholders in the property about $2.3 million over the next five years.

The 30 owners were considered tenants in common, an ownership structure that is typically set up for real estate investments by family members or people who know each other well, according to the Daily Business Review. Tenants in common can get tax breaks if they reinvest proceeds from a property sale.

“If these people were to fight among themselves, the secured lender would have taken the property, and they would have lost everything,” attorney Thomas Messana said. Messana represented the partner that initiated the Harbour Center sale. [Daily Business Review]Eric Kalis


Related Articles

arrow_forward_ios
Aventura Mayor Enid Weisman (Facebook via Weisman, Getty)
Aventura votes to require HOAs to submit critical reports within 48 hours
Aventura votes to require HOAs to submit critical reports within 48 hours
Clockwise from top: Kenneth, Robert and Bradley Fishel with Aventura Corporate Center (Getty)
Renaissance Properties sells Aventura office complex for $140M
Renaissance Properties sells Aventura office complex for $140M
Grant Cardone and 18851 Northeast 29th Avenue in Aventura (Getty, Google Maps)
Grant Cardone buys Aventura office complex for $93M
Grant Cardone buys Aventura office complex for $93M
Arbor Management Acquisition Company heads Ivan Kaufman and Maurice Kaufman with a rendering of Aventura Park (Anillo Toledo Lopez, iStock)
Arbor Management buys multifamily dev site near Aventura for $10M
Arbor Management buys multifamily dev site near Aventura for $10M
MG3 Group executives (from top) Marcelo Saiegh, Hernan Leonoff and Gustavo Bogomolni with Everglades Preparatory Academy and Avant Garde Academy (MG3 Group)
MG3 Group sells Florida charter school portfolio for $242M
MG3 Group sells Florida charter school portfolio for $242M
BridgeInvest's Alex Horn and Rieber Developments' Bernardo Rieber with a rendering of the project 
Rieber lands $15M loan for Aventura mixed-use project
Rieber lands $15M loan for Aventura mixed-use project
20200 West Dixie Highway, Miami with Harry Dornbusch and Dr. Joshua Lampert (Google Maps)
Aventura office condo owners allege construction defects at Beacon Tower
Aventura office condo owners allege construction defects at Beacon Tower
Tere Blanca and the Aventura office complex (Credit: Google Maps)
Aventura office complex Optima inks new leases
Aventura office complex Optima inks new leases
arrow_forward_ios

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

Loading...