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:
Leverage, leverage, everybody's talking about leverage.
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