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Miami Real Estate - Miami Real Estate news

Monday, June 14, 2010

Fort One completes Miami Beach real estate transactions

Fort One Real Estate Investments, an investment fund with ties in Miami and Washington, D.C., says it has closed $52 million dollars in transactions for several Miami Beach real estate properties including a Miami commercial property.

Fort One Real Estate said, in a news release that it has closed on the purchase of the 48 unsold South Beach condos at the Capri Condominium totaling $31 million dollars. They purchased another Miami commercial property, the ``Pelican'' parking garage in South Beach for $11 million and the two Miami Beach real estate properties at The Strand in South Beach  totaling $10 million.

Adams Gallinar represented the fund whose founding partners are Bob Adams and Mike Gallinar. The deal was structured as a short sale using I-Star Financial as the lender. The original lender was Fremont.

Financing on the Capri project was provided by I-Star Financial and Sabadell United provided mortgages on Miami commercial properties the Pelican and Strand. Katten Muchen, a Washington, D.C. firm represented I-star and the Miami office of Bilzen Sumberg represented Sabadell United.


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