MIAMI-Rockwood Capital has partnered with Duncan Hillsley Capital and Fortune Capital Management Services to acquire Everglades on the Bay for $141 million in a cash deal. The Downtown Miami mixed-use condo project offers 849 units.
Everglades on the Bay, which also includes 58,000 square feet of retail space, has now been recapitalized as a result of Chapter 11 reorganization. Boca Raton-based Duncan Hillsley Capital initiated the deal.
"We strongly believe that improving economic conditions, a shrinking supply of area condominium units and a resurgent downtown environment will lead to substantially accelerated sales at Everglades on the Bay," says Tyson Skillings, managing director and fund manager at White Plains, NY-based Rockwood Capital. "We look forward to reintroducing this landmark development."
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