New York based, Rockwood Capital has won at a foreclosure auction what is likely to be the last major bulk condo deal for a while in Miami. The auction was for a the first mortgage construction loan made by Bank of America on the 49 story Everglades on the Bay Condominium in the entertainment district of downtown Miami. There appears to be some bitterness about the sale and could spell for future lawsuits. In any case, the mortgage was purchased for approximately $142 million which came out to $191 per square foot. It doesn’t seem like the investors got too much of a wholesale discount for such a large deal and also potential legal costs and hassles, which goes to show the amount of interest and confidence that Rockwood has. This appears to be leveling the playing field between the retail investors and the big players in that really deep pockets don’t necessarily get much better deals in this environment now that the bulk deals are drying up.
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