Under the new agreement, Capri assumes the primary ownership interest in the 28-story mixed-use hotel and condo property, which opened in January of 2009. Although Capri spokesman, Trish Hoffman, says that Barry Real Estate will "continue to participate in the economics of the hotel," she did not explain what that would mean.

Capri gave Barry Real Estate Companies a $43.5 million mezzanine loan to develop the $155 million project, says Hoffman. The Capri loan was in addition to the financing the company received from Atlanta-based Silverton Bank, which was taken over by the FDIC last May.

Yesterday, the Wall Street Journal reported that the FDIC had accepted sealed bids on a $416 million portfolio of loans on 60 hotels originated by the Silverton Bank. Included among those loans is the debt owed by Barry Real Estate.