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.