Friday, August 21, 2009

First New Miami Condo Tower Files for Chapter 11 - Real Estate Channel Global News Center

First New Miami Condo Tower Files for Chapter 11 - Real Estate Channel Global News Center: "(MIAMI, FL) -- The bankruptcy bell has rung in the Miami-Dade luxury condominium market for one of the highest-profile Downtown residential communities.

Saddled with estimated debt that could reach $500 million to 200 creditors, Cabi Downtown LLC, the Mexican owners of the one-year-old, $300 million Everglades on the Bay community have filed for Chapter 11 protection under the U.S. Bankruptcy Code. The twin-tower, 49-story project has closed only 9 percent of its 849 units for an estimated total sales of $31 million, according to Bal Harbour, FL-based Condo Vultures® Bulk Deals Database."

1 comment:

Give condos a chance said...

Leverage, leverage, everybody's talking about leverage.