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South Florida

Distressed Miami office buildings sold to N.Y. investor

Airport Executive Tower 1 at 1150 Northwest 72 Avenue in Miami
Airport Executive Tower 1 at 1150 Northwest 72 Avenue in Miami

Two office buildings near Miami International Airport were sold to a New York-based investor.

Torchlight Debt Opportunity Fund bought the distressed office buildings at 7270 Northwest 12th Street and 1150 Northwest 72nd Avenue.

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The properties, totaling 255,214 square feet, were in foreclosure since 2012 and concerned an $11.7 million mortgage. The foreclosure lawsuit is pending.

A commercial mortgage-backed securities trust had sold the mortgage of the Airport Executive Towers to DOF IV REIT Holdings, an affiliate of New York-based Torchlight Debt Opportunity Fund IV. The CMBS trust took a $1.3 million loss. [South Florida Business Journal] — Kristina Puga

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