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Miami Bulk Condos Happening!

Cashflow In Miami
January 31, 2021

Miami bulk condos happening!

777 N Ocean dr , Hollywood Beach

There was originally supposed to be a bankruptcy auction for the 52 unsold condo-hotel units and the common areas of the hotel at 777 N. Ocean Drive. However, no qualified bids were received by the Aug. 13 deadline.  Madison Realty Capital, was approved to acquire the unsold units and common areas. The $43 million bid was based on credit owed by the debtor.  

The 274 units previously sold to investors were not included in the deal. However, 777 N. Ocean Drive LLC has the authority to hire a hotel management firm for the property.  

The resort owner filed Chapter 11 reorganization in September 2019 to stay a foreclosure lawsuit.  

6060 Indian Creek dr , Miami Beach

Integra just closed on an $11.5 million purchase of 65 units  . Integra also paid $50,000, each, for three units owned by Setter LLC, managed by Alan Lieberman. It also bought a unit from Oded Tabachnik of Encino, California, for $70,000.

Integra intends to buy all 82 units of a Miami Beach condo-hotel that was once the subject of a fierce foreclosure battle, already spending $15 million for about 80 units.  The partnership is still deciding if the hotel will partner with a brand to make improvements to the building.Hotel is planning relaunch next season.


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