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
Sadigo Court Hotel
Miami Beach, FL
Property Characteristics
- Non-performing, non-recourse loans secured by apartment-hotel
Acquisition
Investment Opportunity
- Loans matured in February 2011, but the borrower did not meet extension test options due to an improper use conversion
- Purchased debt at a discount to par from loan originator
- Debt secured by the Sadigo Court Apartment-Hotel, a 29-unit, three-story building constructed in 1936
Execution
- Mast initiated foreclosure proceedings
- Received payment in full for unpaid principal, interest, and default interest/costs in May 2013