Sadigo Court Hotel

Miami Beach, FL

Property Characteristics

  • Non-performing, non-recourse loans secured by apartment-hotel

Acquisition

  • May 2011

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