Karen DeGasperis REALTOR

OFF MARKET Distressed Assets

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To obtain financials and more details, Proof of Funds (POF), Letter of Interest (LOI) and NDA will be required.

Photo
Property TypePortfolio
LocationMiami, Florida
TitlePortfolio of 8 Defaulted Condos in Luxury High Rise Building Located In Miami Brickell Neighborhood with Financing
Summary

8 Defaulted Luxury Condominiums in South Beach High Rise Building in Miami Brickell Neighborhood with Walk Score of 100%
20 Minutes to South Beach

Details

Properties are all located in a 43-story luxury high-rise that is part of the expansive Brickell City Centre area in Downtown Miami that offers an incredible list of amenities such as heated pool, spa, fitness center, children's play room, concierge service, valet parking and VIEWS!
Units range from 982 to 1400 SF and located on floors 7 thru 36.

Note Details

Original Loan Amount $5,208,000
Original Interest Rate 8.00%
Current Default Rate 25%
Maturity Date 6/15/2025
Monthly HOA $10,976
Yearly Taxes $8,086
Monthly Management Fees $800
5 of the condos rented at $24,300 a month
Income with all condos rented at $40,600
Total Value of all 8 condos at $7,040,000
LENDER WILLING TO CARRY 60% LOAN FOR NOTE SALE

Current Unpaid Balance$5,528,000.00
Asking Price$4,950,000.00
Date UpdatedApril 15, 2025