Cipriani Residences Miami
Brickell, FLSaddlebrook Resort
Wesley Chapel, FLSolé Miami
17315 Collins Ave, Sunny Isles Beach, FLThe Perigon Miami Beach
Miami Beach, FL5101 Bruce B. Downs
Wesley Chapel, FLLittle Palm Island Resort
Little Torch KeySeascape Pointe
1140 SE 24th RoadWaterline | Miami River
Miami, FL3811 Shipping Avenue
Miami, FLThe Quay
Fort Lauderdale, FLConrad Brickell
Miami, FLWake Biscayne Bay
North Bay Village, FL3900 Alton
Miami Beach, FLLouver House
Miami Beach, FLOffice in the Grove
Miami, FLHawks Cay Resort
Duck Key, FLThe Graham Georgetown
Washington, DCWest Isles Club
Key West, FLOcean Walk Apartments
Key West, FLShoppes at River Ridge
Dublin, OHChateau Petit Douy
Miami, FLMarriott TownePlace Suites
Doral, FLSadigo Court Hotel
Miami Beach, FL
Hawks Cay Resort
Duck Key, FL
Property Characteristics
- Performing A1 and A2 senior notes secured by a resort hotel
Acquisition
Investment Opportunity
- Notes purchased at a substantial discount to par
- First mortgage loans were originated in February 2007 prior to the economic downturn
- Florida Keys lodging market has been historically defensive and resilient
Execution
- Partnered with an institutional fund and developer to purchase the notes
- Borrower sold the resort in October 2013 to a lodging REIT for $133.8mm
- Collateral sale resulted in a payoff of the notes at par in October 2013