Fort One Real Estate Investments, an investment fund with ties in Miami and Washington, D.C., says it has closed $52 million dollars in transactions for several Miami Beach real estate properties including a Miami commercial property.
Fort One Real Estate said, in a news release that it has closed on the purchase of the 48 unsold South Beach condos at the Capri Condominium totaling $31 million dollars. They purchased another Miami commercial property, the ``Pelican'' parking garage in South Beach for $11 million and the two Miami Beach real estate properties at The Strand in South Beach totaling $10 million.
Adams Gallinar represented the fund whose founding partners are Bob Adams and Mike Gallinar. The deal was structured as a short sale using I-Star Financial as the lender. The original lender was Fremont.
Financing on the Capri project was provided by I-Star Financial and Sabadell United provided mortgages on Miami commercial properties the Pelican and Strand. Katten Muchen, a Washington, D.C. firm represented I-star and the Miami office of Bilzen Sumberg represented Sabadell United.
Contributed by MLR Realty
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