MIAMI-Brokers in the Miami office of Holliday Fenoglio Fowler arranged the sale of a promissory note secured by a senior mortgage on the Ponce de Leon condominium in Coral Gables, a fractured, mixed-use condominium, at the end of June. The outstanding balance on the note was roughly $13 million, although the buyer paid an undisclosed discounted amount.

HFF managing director George Vail, director Jaret Turkell and executive managing director Manny de Zarraga brokered the sale on behalf of Wells Fargo. The note was purchased by W Capital Group, which specializes in distressed properties. The firm, whose principal is Yair Wolff, an Israeli investor, has offices in Ft. Lauderdale. It has already purchased several other fractured condominiums, says Turkell.

The Ponce de Leon condominium has 50 one, two and three-bedroom units plus 20 retail and office condominiums. The note was secured by the 32 unsold residential condominiums totaling approximately 36,395 square feet, and eight commercial condominiums totaling 6,836 square feet. Community amenities include a swimming pool, pool bar area, Jacuzzi, barbecue area, fitness room, sauna and a three-floor144-space parking garage. The condominium is located near Miracle Mile, an upscale office and retail street in downtown Coral Gables.