Sadigo Court Hotel
Miami Beach, FL
PROPERTY CHARACTERISTICS
- Non-performing, non-recourse loans secured by apartment-hotel
ACQUISITION
- May 2011
INVESTMENT OPPORTUNITY
- Loans matured in February 2011, but the borrower did not meet extension test options due to an improper use conversion
- Purchased debt at a discount to par from loan originator
- Debt secured by the Sadigo Court Apartment-Hotel, a 29-unit, three-story building constructed in 1936
EXECUTION
- Mast initiated foreclosure proceedings
- Received payment in full for unpaid principal, interest, and default interest/costs in May 2013
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