Brickell condos win loan extension
Shortly before completing a bulk sale of 31 units, the developer of the 1060 Brickell condominium in Miami’s financial district secured an extension on its construction mortgage.
On June 2, New York-based iStar FM Loans gave IMICO Brickell until April 1, 2010 to repay the $153.3 million mortgage, according to Miami-Dade County court records.
While the document didn’t list the original maturity date, or the amount outstanding under the mortgage, it said the agreement was retroactive to March 1.
Last week, the Business Journal published a report by Bal Harbour-based brokerage Condo Vultures that said IMICO Brickell sold 51 units for $6.1 million, or $203 a square foot, on June 17 to 1060 Brickell Apartments, a group headed by Carlos Mattos.
County records show that 338 of the 570 units in 1060 Brickell have been sold since it started closings in January 2008.
Tags: Brickell, Condo Loans, Condominiums, Condos, Miami Condos