IStar sells stalled Miami condo for $44M

Terrazas River Park

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A 324-unit Miami condo project that struggling New York City lender iStar Financial took back from its developer earlier this year in a deed-in-lieu of foreclosure has been sold off-market for more than $44 million to Wood Partners and Area Property Partners. The deed-in-lieu was valued at around $45 million for Terrazas River Park, which sits on a 2.15-acre-site near E.G. Sewell Park on the Miami River. Istar, which has 11.7 percent of its loans concentrated in New York, is currently financing the Trump Soho condo-hotel development. The firm also holds the $310 million delinquent mortgage on the One Madison park condominium. Developer Windmoor Project hadn’t sold a single unit since iStar, now said to be considering a bankruptcy filing after many of its real estate loans went sour in the wake of the real estate crash, took over. [SFBJ]