Bankrupt Mixed-Use Project Sold to ST Residential in Bankruptcy Court AuctionCHICAGO, IL /PRNewswire/ -- ST Residential, a world-class asset-management company led by Greenwich, CT-based Starwood Capital Group (NYSE: STWD) and private-equity firm TPG of Fort Worth, TX, along with WLR LeFrak and Perry Capital, has assumed ownership of Artecity (top left photo), a mixed-use residential and retail development in Miami Beach.
Artecity is a residential-condominium project comprised of six buildings located at the 2100 block of Park Avenue, Miami Beach, two blocks from the ocean. There are a total of 202 units, of which 43 units have closed to date. The remaining asset consists of 159 condominiums as well as 4,000 square feet of retail space.
"Artecity has the potential to be a world-class property given its great location," says CEO Wade Hundley, who leads ST with 20 years of experience in various aspects of the real estate and hospitality businesses.
"We are excited to own this property as we believe we can finish the development with a few enhancements that will make it a jewel amongst our already desirable portfolio."
ST was formed after Chicago-based Corus Bank failed on September 11, 2009. At that time, the Federal Deposit Insurance Corporation (FDIC) was appointed as the receiver and became responsible for numerous residential real estate assets and construction loans.
The FDIC needed a financially stable and real estate savvy partner to maximize the value of Corus' real estate portfolio by infusing critical financial capital and knowledge, to market and sell the properties to individual home owners. ST outbid seven rivals to win Corus Bank's $4.5 billion real estate loan portfolio with a combined bid of $554 million for 40% of the equity in the joint venture with the FDIC.
"One of our greatest strengths is the confidence and peace of mind we bring to prospective buyers that their purchase will be well developed and well managed into the future, and to real estate brokers who will have the confidence that their transactions will successfully close," said Hundley.
Web Site: http://www.stresidential.com
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