Rockwood Capital Acquires Condominium Towers in Miami

October 29, 2010 / Elizabeth Buckley, Commercial Property Analyst

A real estate investment firm based in New York has succeeded a bank court approval and auction to acquire the liabilities of Everglades on the Bay condominium towers in Miami’s business district. According to Condo Vultures—a South Florida real estate consultancy, about $142 million note was paid by Rockwood Capital for the condominium towers.

Rockwood Capital Acquires Condominium Towers in Miami

But the deal did not go smoothly regarding the 849-unit condominium towers on Biscayne Boulevard, because aside from the developer, the bank holding the property’s debt and another bidder were fighting over the terms.

The condominium towers’ developer Cabi Downtown LLC said that Rockwood Capital went behind its back to strike a deal with its lender,  after promising to deal directly with them.

Cabi Downtown faced a foreclosure case regarding its $209 million construction loan by Bank of America last 2009, and filed a bankruptcy notice in U.S. Bankruptcy Court this week.

Managing member of Cabi, Elias Cababie declared and according court documents, he had opened a superior bid from a private investment group based San Antonio for the condominium towers.

Cabi Downtown had been organizing a dialogue with Lynd Company, which is based in San Antonio and with Rockwood this summer. The company is been charming representatives both from Lynd and Rockwood to see the 49-story condominium towers.

Attorneys for Bank of America and Cabi did not comment regarding the issue. Principal at Condo Vultures Peter Zalewski said that the acquirement could be the mark of future proceedings from Cabi and for Lynd, who lost the bid for the condominium towers.

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