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Caribbean Hotel Note Let Go for $50M

MIAMI-Corus Bank sells the construction loan on the property, which has been vacant almost a year.

By Paola Iuspa-Abbott | Updated on September 10, 2009

(This story, in slightly different form, originally appeared in ALM’s Daily Business Review.)

MIAMI-Troubled Chicago-based Corus Bank has sold the construction loan on a luxury condo project in Miami Beach that sat on the market mostly vacant for almost a year. The loan was initially for $127 million. The bank let go of the note for $50 million, according to a source familiar with the deal.

The developer of the Miami Beach condo obtained the loan to renovate the historic Caribbean Hotel into a 103-unit beachfront condominium at the peak of the housing boom in 2006. But the housing and financial markets had crashed by the time the project at Collins Avenue and 37th Street was completed in July 2008. Since then, only 13 units have been sold, according to Miami-Dade County property records.

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