The Real Deal Miami

Distressed Miami office buildings sold to N.Y. investor

Sold to Torchlight Debt Opportunity Fund at a $1.3M loss
January 12, 2015 10:30AM

Airport Executive Tower 1 at 1150 N.W. 72 Avenue, 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.

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