Madison Realty closes on Costa Hollywood Beach condos for $43M

Madison Realty Capital is the original lender of the condo-hotel, which filed for bankruptcy in 2019

Miami /
Oct.October 13, 2020 04:30 PM
Josh Zegen of Madison Realty Capital and 777 North Ocean Drive, Hollywood (Google Maps)

Josh Zegen of Madison Realty Capital and 777 North Ocean Drive, Hollywood (Google Maps)

Madison Realty Capital closed on the remaining unsold condos in Costa Hollywood Beach Resort for $43 million.

The New York-based real estate private equity firm bought 52 units in the condo-hotel at 777 North Ocean Drive in Hollywood, according to records. Madison Realty is the project’s original lender. It lent $70 million to the developer in 2016.

Costa Hollywood Property Owner LLC, managed by Moses Bensusan, filed for Chapter 11 bankruptcy in September of last year. Five months before the bankruptcy filing, Madison Realty attempted to foreclose on the property.

Madison Realty avoided a bankruptcy auction with the purchase of the remaining units. No qualified bids for the unsold units came before the August 13 deadline, which resulted in the acquisition.

Costa Hollywood Beach Resort is not the only project facing foreclosure from its lender. Triptych, a Midtown Miami project, is facing foreclosure, and so is the Variety Hotel in Miami Beach.





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