MIAMI-David Edelstein, the developer of W Hotel in South Beach, has resolved foreclosure litigation against the property by repaying the loan in full.
Edelstein says his firm, 2201 Collins Fee LLC, has repaid $60 million owed to Hypo Real Estate Capital, according to the South Florida Business Journal. Hypo had filed a foreclosure action against 2201 Collins on Oct. 17 seeking to foreclose on 216 unsold condo-hotel units and the common areas at the property.
Attorney Robert M. Quinn, who represents Hypo in the lawsuit, filed a motion on Oct. 25 to withdraw the foreclosure action. “Our negotiation with the lender was resolved in a friendly and amicable manner and all claims have been closed and dismissed,” Edelstein said. See story in the South Florida Business Journal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
