MIAMI-Gencom Group has utilized over $250 million it earned from the sales of 50% of its stake to an Argentinean investor on restructuring loans on a number of its properties. The developer has purchased the $230-million mortgage on the 260-room Ritz-Carlton resort at a discount on a foreclosure auction held in July.
Gencom also used some amount from the proceeds to pay a portion of the loan on the 117-room Ritz-Carlton Bachelor Gulch in Beaver Creek, Colo. For the full story, go to Wall Street Journal.
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